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1 a : possibility of loss or injury
b : liability for loss or injury if it occurs [the of loss passes to the buyer when the goods are duly delivered to the carrier "Uniform Commercial Code"] [the of personal injury and property damage should be placed with the manufacturer rather than the consumer "Case & Comment"]
2 a : the chance of loss to the subject matter of an insurance contract
: uncertainty with regard to loss
: the degree of probability of such loss compare peril
b : a person or thing that is a specified hazard to an insurer [a poor for insurance]
c : an insurance hazard from a specified cause or source [a war ]
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.