Question: A potential client has approached you to discuss applying for insurance for the first time. One of the terms they do not understand is peril

A potential client has approached you to discuss applying for insurance for the first time. One of the terms they do not understand is peril and how this is part of any insurance policy. They have also been told that a peril and a hazard are the same thing.

Using examples, explain the difference between a peril and a hazard.
With further examples explain the three (3) types of hazards an underwriter would consider in assessing a risk.

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