Terminology Loss Chance of loss Peril Hazard Moral Hazard morale hazard Proximate cause Insurable loss, Direct losses indirect losses Pure risk, speculative risk, risk management▪Terminology: Loss, Chance of Loss, Peril & Hazard: Moral Hazard, Morale Hazard Proximate Cause Insurable Loss: Direct Losses & Indirect Losses Pure Risk, Speculative Risk, Risk Management