New Mexico health and life insurance Verified Questions and Answers 2026/2027

New Mexico health and life insurance Verified Questions and Answers 2026/2027 risk - Correct Answer Risk Uncertainty of financial loss or a chance of loss - Correct Answer hazard - Correct Answer A hazard is a condition that makes a peril more likely to happen or that increases the seriousness of a loss hazard - Correct Answer Any factor that gives rise to peril peril - Correct Answer cause of loss Peril - Correct Answer And immediate specific event causing loss in giving rise to risk Physical Hazard - Correct Answer Arises from material structural for operational features such as a slippery floor or unsanitary conditions Moral hazard - Correct Answer Arises from people's habits and values such as filing a false claim Morale Hazard - Correct Answer Arises from human carelessness or a responsibility such as bailing to take safety precaution exposure - Correct Answer loss - Correct Answer Last must be measurable, the insurer must be able to place a specific monetary value