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Perils, Hazards, And Risks
In common non-insurance settings, the terms "peril," "hazard," and "risk" are more often than not used synonymously. It is however important to note that in insurance, most particularly risk management, "hazards" and "perils" are not referred to as "risk" as is the case in common English conversations. In this text, I concern myself with the distinction between these key terms. Further, I classify the possible risks I am facing not only as a normal student but also as Vice President of student council. Other perils common in the environment are lightning and floods. Individually (or collectively), these perils could bring about a loss and it is for this reason that…
Perils, Hazards, and Risk
In seeking to distinguish these key terms, it would be prudent to first take into consideration how various authors have defined the said terms in the past. To begin with, a peril in the words of Chew (2008, p.35) is "a natural, man-made, or economic...
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References
Chew, DH (Ed.). (2008). Corporate Risk Management. New York: Colombia University Press.
Dorfman, M.S. (2002). Introduction to Risk Management and Insurance. Upper Saddle River, NJ: Prentice Hall.
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