Risk Management for Enterprises and Individuals (open textbook), section 1.06: Perils and Hazards
Edition and licensing notes
Publisher. LibreTexts Business (biz.libretexts.org), from the open textbook of the University of Minnesota Libraries / Saylor (Baranoff, Brockett and Kahane)
Edition. CC BY-NC-SA 3.0 open textbook, ca. 2009-2012; page as served 2026-09-29
Status. Creative Commons Attribution-NonCommercial-ShareAlike 3.0 (LibreTexts / University of Minnesota Libraries).
What this document is
Risk Management for Enterprises and Individuals (open textbook), section 1.06: Perils and Hazards is a reference published by LibreTexts Business (biz.libretexts.org), from the open textbook of the University of Minnesota Libraries / Saylor (Baranoff, Brockett and Kahane). It is one of the documents that insurance license exam questions are written from, including property & casualty practice questions. This page summarizes it and points to the official version, which is the text to rely on.
Sections cited in practice questions
Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.
- Risk Management for Enterprises and Individuals, section 1.6, "Intangible Hazards"
“Generally, moral hazards exist when a person can gain from the occurrence of a loss. For example, an insured that will be reimbursed for the cost of a new stereo system following the loss of an old one has an incentive to cause loss.”
- Risk Management for Enterprises and Individuals, section 1.6, "Physical Hazards"
“Physical hazards that affect property include location, construction, and use.”
- Risk Management for Enterprises and Individuals, section 1.6, "Hazards"
“Risk professionals refer to hazards as conditions that increase the cause of losses.”
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