What is defined as an immediate, specific event which causes loss?

The term that is defined as an immediate, specific event which causes loss is "peril." In the context of insurance and risk management, perils are the actual incidents or occurrences that result in loss or damage. Common examples of perils include natural disasters like fire, flood, or earthquake, as well as man-made events such as theft or vandalism.

Understanding perils is crucial for both insurers and insured parties because it helps in determining which specific events will be covered under an insurance policy. Insurers assess the risk of various perils when underwriting policies and calculating premiums.

Other options have distinct meanings in risk management: risk refers to the possibility of loss or damage occurring from exposure to a peril, hazard indicates conditions that increase the likelihood or severity of a loss from a peril, and exposure pertains to the likelihood of being impacted by a peril in relation to the property or assets at risk. Each of these terms plays a role in the broader context of insurance, but only "peril" directly describes the immediate cause of loss.