Events or conditions that increase the likelihood of an Insured's loss are referred to as

Perils refer to the actual events or causes of loss covered by an insurance policy, such as fire, theft, or natural disasters. While perils are critical in defining what is insured, they do not increase the likelihood of a loss occurring; rather, they are the events themselves that may cause a loss.

Exposures describe the state of being exposed to potential loss, which includes the circumstances or assets that may be subject to risks. However, exposure is a broader term that encompasses various factors but does not specifically denote the conditions that increase the likelihood of loss, as hazards do.

Risks are the uncertainty associated with the potential for a loss to occur. While risks involve the likelihood of loss, they do not pinpoint specific conditions that increase that likelihood. Instead, risks are a general concept that includes both hazards and perils.