What is Peril? | LIFE-HEALTH-INSURANCE, PROPERTY-CASUALTY-INSURANCE Exam Prep

A peril is the specific cause of loss that an insurance policy covers, such as fire, theft, windstorm, lightning, or vandalism. Insurance policies are structured around either named perils (specific listed events) or open perils (all events except exclusions). 📚 Learn more about Peril and other key terms for your LIFE-HEALTH-INSURANCE, PROPERTY-CASUALTY-INSURANCE exam at Open Exam Prep. 🎯 This term appears on: LIFE-HEALTH-INSURANCE, PROPERTY-CASUALTY-INSURANCE 🔗 Full glossary: https://www.open-exam-prep.com/glossary 🔗 Peril definition: https://www.open-exam-prep.com/glossary/peril 💡 Exam Tip: Peril = CAUSE of loss (fire, theft). Hazard = CONDITION increasing risk (faulty wiring). Moral hazard = dishonesty. Morale hazard = carelessness. Named perils require insured to prove; open perils require insurer to prove exclusion. --- #insurance #examprep #financeexam #life-health-insurance #property-casualty-insurance