Which of the following best defines a peril in insurance?

A peril in insurance is defined as a specific risk or cause of loss that is covered by an insurance policy. In the context of the provided options, the correct answer addresses the concept of a peril by recognizing it as the reason for filing an insurance claim. When a person experiences a loss due to a peril, they initiate a claim to seek compensation from their insurer.

Understanding perils is crucial in the insurance landscape, as policies often list specific covered perils, such as fire, theft, or natural disasters. This clarity helps policyholders understand what events are included in their coverage, differentiating between those that are covered and those that might not be.

The other options, while related to the context of insurance, do not accurately capture the definition of a peril. An insurable interest involves the legal right to insure property, which relates more to the relationship one has to an item than to the causes of loss. The chance of loss occurring refers to risk, which is broader than the definition of a peril. Lastly, a risk that cannot be insured typically refers to uninsurable risks, which are also not synonymous with perils as they denote causes of loss that are often beyond the control of the insured.