There is no single definition of risk. Risk historically has been defined as uncertainty concerning the occurrence of a loss.
A loss exposure is any situation or circ*mstance in which a loss is possible, regardless of whether a loss occurs.
Objective risk is the relative variation of actual loss from expected loss. Subjective risk is uncertainty based on an individual’s mental condition or state of mind.
Chance of loss is defined as the probability that an event will occur; it is not the same thing as risk.
Peril is defined as the cause of loss. Hazard is any condition that creates or increases the chance of loss.
There are four major types of hazards. Physical hazard is a physical condition that increases the frequency or severity of ...
Principles of Risk Management and Insurance, 13th Edition (2024)
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