06.
According to insurance terminology which of the following is correct?
Lung cancer is a hazard whereas smoking is a peril
Smoking is a hazard and lung cancer is a peril
Lung cancer is a peril and smoking is a moral hazard
Smoking is a moral hazard whereas lung cancer is a peril.
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The words "peril' and "hazard" may seem virtually synonymous but they mean very different things in the insurance industry.
A peril is a potential event or factor that can cause a loss, such as the possibility of a fire that could engulf a house.
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