Asked by: Pelayo Creta
personal finance health insurance

Which of the following best defines a hazard?

Last Updated: 26th February, 2020

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A hazard is an action, condition, 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. Examples of hazards include dangerous behaviors, such as skydiving or base jumping, that increase the likelihood of injury.

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Regarding this, which of the following defines a hazard?

A hazard is any source of potential damage, harm or adverse health effects on something or someone. The CSA Z1002 Standard "Occupational health and safety - Hazard identification and elimination and risk assessment and control" uses the following terms: Harm - physical injury or damage to health.

Also Know, what is the purpose of insurance quizlet? Insurance is used to minimize the risk of uncertainty by spreading the risk over a large enough number of similar exposures to predict the individual chance of loss. A chance, possibility, or uncertainty of loss is known as a: A) hazard.

Consequently, which of the following is an example of morale hazard?

morale hazard. Circumstance that increases the probability of occurrence of a loss, or a larger than normal loss, because of an insurance-policy applicant's indifferent attitude after the issuance of policy. For example, he or she might be careless in locking the doors and windows when leaving home.

Which type of risk carries a chance of loss or gain?

Speculative risk has the potential for either gain or loss, much like the financial risks you assume when you put your money into certain investments. Pure risk, on the other hand, has no potential for gain; it can only result in loss or no loss. Most of the risks to which you are exposed in your life are pure risks.

Related Question Answers

Moazzam Berganzabeitia

Professional

What are the types of hazard?

The six main categories of hazards are:
  • Biological. Biological hazards include viruses, bacteria, insects, animals, etc., that can cause adverse health impacts.
  • Chemical. Chemical hazards are hazardous substances that can cause harm.
  • Physical.
  • Safety.
  • Ergonomic.
  • Psychosocial.

Ioanna Ravenscroft

Professional

How do you identify a hazard?

In order to control workplace hazards and eliminate or reduce the risk, you should take the following steps:
  1. identify the hazard by carrying out a workplace risk assessment;
  2. determine how employees might be at risk;
  3. evaluate the risks;
  4. record and review hazards at least annually, or earlier if something changes.

Albaro Ziegelbauer

Professional

What are the causes of hazard?

7 Causes of Workplace Hazards
  • Fire. The first workplace hazard is the risk of a fire breaking out.
  • Slips and Falls. Next is the risk of a slip and fall which is a risk regardless of where you work and what kind of business you have.
  • Chemicals.
  • Electrical Hazards.
  • Back Injury.
  • Hazardous Materials.
  • Workplace Violence.

Safdar Jukovsky

Explainer

What are perils and hazards?

A peril is something that can cause a financial loss. Examples include falling, crashing your car, fire, wind, hail, lightning, water, volcanic eruptions, falling objects, illness, and death. A hazard is any condition or situation that makes it more likely that a peril will occur.

Airis Chekmasov

Explainer

What are the 3 classification of hazard?

Such hazards are categorized into three classes: biological, chemical and physical. Biological hazards include harmful bacteria, viruses or parasites (e.g., salmonella, hepatitis A and trichinella). Chemical hazards include compounds that can cause illness or injury due to immediate or long-term exposure.

Issame Calama

Explainer

What are the 5 basic workplace hazards?

Types of workplace hazards include chemical, ergonomic, physical, psychosocial and general workplace.

Luckily, there are ways to mitigate the risks from these hazards such as through planning, training and monitoring.
  • Chemicals.
  • Ergonomic.
  • Physical.
  • Psychosocial.
  • Workplace.

Mosaab Cantal

Pundit

What do you mean by natural hazards?

Natural hazards are naturally occurring physical phenomena caused either by rapid or slow onset events which can be geophysical (earthquakes, landslides, tsunamis and volcanic activity), hydrological (avalanches and floods), climatological (extreme temperatures, drought and wildfires), meteorological (cyclones and

Akmal Almetov

Pundit

What is a hazard and how is it classified?

Hazards may also be classified as natural, anthropogenic, or technological. They may also be classified as health or safety hazards and by the populations that may be affected, and the severity of the associated risk. In most cases a hazard may affect a range of targets, and have little or no effect on others.

Rokas Fiens

Pundit

What is attitudinal hazard?

Attitudinal hazard is how ones carelessness and recklessness to a loss can increase the outcomes of a loss. Legal hazards are the characteristics of the legal system or regulatory environment that increases the chance of loss.

Yuzhu Zieschang

Pundit

What is the meaning of physical hazard?

A physical hazard is an agent, factor or circumstance that can cause harm without contact. They can be classified as type of occupational hazard or environmental hazard. Physical hazards include ergonomic hazards, radiation, heat and cold stress, vibration hazards, and noise hazards.

Jayna Schlagnitweit

Pundit

What is moral hazard in health care?

Abstract. “Moral hazard” refers to the additional health care that is purchased when persons become insured. Under conventional theory, health economists regard these additional health care purchases as inefficient because they represent care that is worth less to consumers than it costs to produce.

Aiko Ridgway

Teacher

What is legal hazard?

Moral hazards are losses that results from dishonesty. This type of moral hazard is often referred to as legal hazard. Legal hazard can also result from laws or regulations that force insurance companies to cover risks that they would otherwise not cover, such as including coverage for alcoholism in health insurance.

Faraji Ben Amar

Teacher

What are moral hazards in insurance?

Moral hazard. In economics, moral hazard occurs when someone increases their exposure to risk when insured, especially when a person takes more risks because someone else bears the cost of those risks.

Ixeya Tableriou

Teacher

What is the difference between moral and morale hazard?

Morale hazard is an insurance term used to describe an insured person's attitude about his or her belongings. Moral hazard described the intentional seeking of risk for personal gain because you do not bear the cost of failure. Morale hazard describes indifference to unintentional risk.

Talwinder Gortyshov

Teacher

What is a hazard insurance policy?

Hazard insurance is coverage that protects a property owner against damage caused by fires, severe storms, hail/sleet, or other natural events. As long as the specific weather event is covered within the policy, the property owner will receive compensation to cover the cost of any damage incurred.

Khdija Heinrigs

Reviewer

How do you mitigate moral hazards?

Handbook of the Economics of Risk and Uncertainty
The introduction of deductibles, coinsurance or upper limits on coverage can be useful tools in reducing moral hazard, by encouraging insureds to engage in less risky behavior, as they know they will incur part of the losses from an adverse event.

Abdelfettah Drake

Reviewer

Is theft a hazard?

Theft is a safety hazard on many levels. First, when a person steals something, he is going get out of the area PDQ. That means he is running, using emergency exits, going through restricted areas and such to make a hasty egress.

Khadijetou Cosma

Reviewer

What is the first step in risk analysis?

The first step in Risk Analysis is to identify the existing and possible threats that you might face. These can come from many different sources. For instance, they could be: Human – Illness, death, injury, or other loss of a key individual.

Gheorghita Ascoeta

Reviewer

What is the first step in the risk management process?

Together these 5 risk management process steps combine to deliver a simple and effective risk management process.
  • Step 1: Identify the Risk.
  • Step 2: Analyze the risk.
  • Step 3: Evaluate or Rank the Risk.
  • Step 4: Treat the Risk.
  • Step 5: Monitor and Review the risk.