Asked by: Pelayo Cretapersonal finance health insurance
Which of the following best defines a hazard?
Last Updated: 26th February, 2020
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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.