A peril is an immediate, specific event, causing a loss and giving rise to risk.
An accident or illness is a peril.
A hazard is a condition that gives rise to a peril.
1. Physical hazards are characteristics of the individual that increase or reduce the chance of peril. Examples are body structure (height related to weight), blood pressure, sugar levels, cholesterol levels, etc.
2. Moral Hazards are habits or activities that increase risk, such as drug or alcohol use. These have social, as well as, personal effects.
3. Morale Hazards are individual activities that arise from a state of mind, such as the casual indifference toward one's body as exhibited by individuals with hazardous hobbies, such as jumping horses or flying ultra-light aircraft.
Certain occupations are also morale hazards, such as professional, industrial diving or bridge painting.
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What are the three "Basic Types of Hazard"?
P , M , and M .
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Ans. Moral Hazard, Physical Hazard, and Morale Hazard
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