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Is the word hazard preferred above the word peril in the pure risk industry? |
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As far as I understand it, peril and hazard are two different things when used in the insurance context. Consider a house built on a flood plain. In the event of a flood the house is damaged. The peril in this case is flooding while the hazard is the location of the house on the flood plain.
First answer by ID1053350380. Last edit by ID1053350380. Question popularity: 16 [recommend question]
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