Final answer:
The red color in the NFPA 704 Hazard Identification System's hazard diamond represents fire hazard, not toxicity. The blue diamond is what signifies health hazards, including toxicity.
Step-by-step explanation:
The statement in question is False. In the ChemAlert color coding system for storing chemicals, the color red does not signify toxicity. Instead, the National Fire Protection Agency (NFPA) 704 Hazard Identification System, which includes the hazard diamond or “fire diamond,” uses red to represent the level of fire hazard. The blue area in the system is the one that indicates the level of health hazard, which includes information about toxicity. The yellow diamond represents reactivity hazards, and the white section highlights special hazards. Each category is rated on a scale from 0 to 4, with 0 indicating no hazard and 4 indicating extreme hazard.