Which of the following statements correctly differentiate between perils and hazards?

Question 23 options:

Perils are causes of loss; hazards are conditions that increase perils

Both perils and hazards are causes of loss; perils are tangible, hazards are intangible

Perils refer to the number of losses during a specified period and hazards refer to the average dollar value of a loss per occurrence

Perils are diversifiable risks; hazards are non-diversifiable risks

Perils are consequences of losses; hazards are cause of losses

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