1
Q
Risk
A
A condition of the real world in which there is a possibility of an adverse deviation from an expected or desired outcome
2
Q
Uncertainty
A
A state of mind characterized by doubt, based on a lack of knowledge about what will or what will not happen in the future
3
Q
Peril
A
Something which causes a loss to occur, e.g. fire, windstorm, hail or theft
4
Q
Hazard
A
A condition that may create or increase the chances of a loss arising from a given peril
Actuariel Science 142
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