Mr. Kunal used to participate in car race. While taking up the insurance policy he disclosed this information. What kind of hazard does it refers to
Answers
In this world of digitalization, scams and money stealing issues are some of the major areas of concern. But to do this, the process requires more skill since defense is always there. Since majority people who are engaged in this, lack this skillset and therefore relies on both analogical and digital way, therefore after getting the details they make a copy of it for future use.
Similarly Mr Kunal has to implement few security measures since he has disclosed important details like account details, account holder signature and atm card details so that fake documents can be made.
While taking up an insurance policy, Mr Kunal discloses information about his participation in the car races. The kind of hazard this piece of information refers to Physical hazard.
It is a condition in which the risk of personal or physical loss increases. Participation in car races is one of its many examples.
First comes the risk which describes any possibility of the loss, then peril which defines the cause of the risk and lastly, hazard – a condition, which increases the risk.