Definitions (2)

1. Insurance: Condition or situation that creates or increases chance of loss in an insured risk, separated into two kinds (1) Physical hazard: physical environment which could increase or decrease the probability or severity of a loss. It can be managed through risk-improvement, insurance policy terms, and premium rates. (2) Moral hazard: attitude and ethical conduct of the insured. It cannot be managed but can be avoided by declining to insure the risk.
2. Workplace safety: Dangerous event or situation that may lead to an emergency or disaster. It could also be a biological, chemical, or physical agent in (or a property of) an environment that may have an adverse health effect, or may cause injury or loss. As such, a hazard is a potential and not an actual possibility.

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