(i) The state of being subject to possibility of loss (ii) Hazard i.e., a condition which create the probability of loss or a condition or activity which increases the probable frequency or severity of loss. (iii) The measurable extent of risk. (iv) The possibility of loss to insured property caused by its surroundings.
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MEDICAL,USA: 1. State of being subject to the possibility of loss. 2. Number of insurance contracts subject to the chance of loss over a certain amount of time. This may be measured by participation in a group, ratio of female lives to total lives, ratio of male lives to total lives, or amounts at risk. 3. Condition of being subjected to extremes of weather or radiation, which may have a harmful effect.
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UK: A term used in two senses. 1. The state of being subject to the possibility of loss. 2. The extent of risk as measured by turnover, payroll, etc.
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Being in a situation that makes it possible to suffer a loss. This term can also mean the chance of a loss happening due to the area around the insured. Another possible meaning use of this term is in the context of an area around the insured that results in a loss to the insured.
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Degree of hazard threatening a risk because of external or internal physical conditions.