Which of the following is NOT a type of hazard?

The correct answer is market, as it is not classified as a type of hazard within insurance terminology. In the context of insurance, hazards are any conditions or situations that increase the likelihood of loss or damage.

Environmental hazards refer to physical characteristics of the environment that can cause loss or damage, such as flood zones or earthquake-prone areas. Moral hazards stem from the ethics or behavior of the insured individuals that may influence their actions, potentially leading to increased risk, such as intentional damage to property. Physical hazards are tangible conditions that can contribute to loss, like wet floors or faulty wiring.

Market, on the other hand, refers to external economic conditions and influences that can impact the availability and pricing of insurance, but it does not pertain to the inherent risks or conditions that create potential for loss in the same way that the other types of hazards do. Understanding this distinction helps reinforce the definition and categories of risks in the property and casualty insurance industry.