Final answer:
A hazard is anything that can increase your chance of incurring a financial loss.
Step-by-step explanation:
Anything that can increase your chance of incurring a financial loss is known as a hazard. In the context of insurance, a hazard refers to any circumstance or condition that increases the probability of a loss occurring. Hazards can be physical, moral, or moral hazards. For example, if someone drives recklessly, they are increasing the likelihood of getting into a car accident and incurring a financial loss.