Which term is used to describe the condition that makes a peril more likely to occur?

The term that describes a condition that makes a peril more likely to occur is "hazard." Hazards can increase the probability of an event happening, such as an accident or damage. They can be physical conditions, such as a wet floor creating a slip-and-fall risk, or they can be behavioral, such as reckless driving contributing to the likelihood of road accidents.

In the context of insurance, understanding hazards is crucial because they inform risk assessment and underwriting processes. Identifying hazards allows insurers to take appropriate measures, such as increasing premiums or enhancing safety protocols, to mitigate potential claims. This understanding differentiates hazards from other terms: exposure refers to the extent to which one is subjected to loss; risk refers to the uncertainty and potential for loss; while liability pertains to the legal obligation to compensate another party for loss or damage.