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Assets are insured because they are likely to be destroyed or made noon-functional before the
expected life time through accidental occurences .
Such occurences are called PERILS .
Fire , floods , lightning , earthquakes etc are perils . Almost all natural calamities are of the
same sort .
If such Perils can cause damage to the asset , the asset is said to be exposed to that risk .
Perils are the events .
Risks are the consequential losses or damages .
The risk to a owner of a building because of the peril of an earthquake may be some few lakhs
or crores of money also depending on the cost of the building , the contents and the
devastating extent of the damage caused .
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