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1
1. Peril and hazard,types of hazard
Peril is defined as the cuse of loss, perils are theft ,burglary hailstorm
earthquake etc.
Hazard is a condition that creates the chance of loss or incease the chance of loss
Defective iring in cinema increase chance of fire or poorly maintained road
increase the road accident are e!ample of physical hazard.
Dishonesty of individual hich increases the frequency and severity of loss is
called moral hazard.
"orale hazard refers to carelessness and or indifference to loss because
of the presence of insurance #$%"P&#leaving car key in an unlocked
car. 'uch careless act increase chance of loss.
(lassification of risks
)most cases, our concern about risks relates ultimately and e!clusively to
individuals, hether
ras members of family, as oners, employees, or customers of business or as
citizens *
Pure and speculative risk
Risk financing
Risk retention
-nsurance
(omination
Hedging
Research