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What is hazard in insurance?

Asked By: Anika Guha

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A hazard may be any action, condition, habit, circumstance, or situation that makes a peril more likely to occur or a loss more likely to be suffered as the result of a peril. Hazard is a condition or situation that increases the chance of loss in an insured risk. What is the difference between a peril and a hazard with respect to insurance coverage? Both of these terms are used frequently in insurance. Insurance Hazard means the conditions or situations that increase the chances of a loss arising from a peril.


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