Property & Casualty Exam Prep 1, Risk, Peril, Hazard, and Loss

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Risk is the uncertainty of loss; only pure risk (loss or no loss) is insurable, not speculative risk (chance of gain or loss). - A peril is the direct cause of a loss, such as fire or wind. - A hazard increases the chance of a loss and can be physical (icy roads), moral (dishonesty), or morale (carelessness). - A direct loss is the physical damage itself, while an indirect loss is the financial consequence, like lost income. - Exam questions often use homeowner, auto, and commercial scenarios to test the distinctions between these core concepts. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep