A glossary of commonly used general insurance and risk management terms.

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HAZARD – A specific situation that increases the probability of the occurrence of loss arising from a peril, or that may influence the extent of the loss. For example, accident, sickness, fire, flood, liability, burglary, and explosion are perils. Slippery floors, unsanitary conditions, shingled roofs, congested traffic, unguarded premises, and uninspected boilers are hazards.

HAZARD, MORAL – Hazard arising from character, interest, habits and lack of integrity of the insured or person concerned.

HAZARD, PHYSICAL – Hazard arising from physical condition or characteristics of the object that is insured, e.g., using and storing volatile materials and substances on the premises.

HOMEOWNER INSURANCE – An elective combination of coverages for the risks of owning a home. Can include losses due to fire, burglary, vandalism, earthquake, and other perils.

HOUSEKEEPING – The general care, cleanliness and maintenance of an insured property.

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