Which of the following best describes a peril?

A peril is defined as an event or occurrence that can cause a loss or damage to insured property or individuals. This aligns well with the correct answer, which states that a peril is "an event that may give rise to a loss." In the context of insurance, perils are typically categorized into specific types, such as fire, theft, or natural disasters, and these forms of risk are what insurance policies aim to cover. Understanding perils is crucial as they are the underlying cause of claims and losses, prompting the need for insurance protection.

The other options reference concepts that are related but fundamentally different. A condition that may increase risk refers to a hazard, which can influence the likelihood of a peril occurring but is not a peril itself. A type of insurance coverage relates to the agreements and policies available to protect against certain perils. Finally, a hazard that can be controlled references risk management strategies, which can mitigate the effects or likelihood of perils but do not define what a peril actually is. This clarifies the distinction between the terms and reinforces the understanding of perils in the context of insurance.