SCI BCP Practice Questions - Basic Insurance Concepts And Principles (BCP) Examination Exam

What is the difference between a 'peril' and a 'hazard'?

A peril increases the chance of loss; a hazard is the cause of loss A peril is the cause of a loss; a hazard increases the likelihood or severity of a loss They mean exactly the same thing A peril applies only to life insurance; a hazard only to general insurance

Correct Answer:

A peril is the cause of a loss; a hazard increases the likelihood or severity of a loss

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