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1) possibility of loss or injury; peril 2) someone or something that creates or suggests a hazard 3) a: the chance of loss or the perils to the subject matter of an insurance contract; also: the degree of probability of such loss b: a person or thing that is a specified hazard to an insurer c: an insurance hazard from a specified cause or source 4) the chance that an investment (as a stock or commodity) will lose value