What were some of the causes of the 2008-2009 economic crisis?

In a sentence, causes of the 2008-2009 economic crisis include subprime mortgages gone bad that were packaged into risky securities gone bad compounded by lax regulatory oversight, a credit crunch (i.e., reduced lending by financial institutions), and lack of consumer confidence. The financial crisis started to unfold in 2006-2007 when large numbers of homeowners started to fall behind on their monthly mortgage payments.

Many subprime mortgages with artificially low initial payments had been made to people who couldn’t really afford …

What is the difference between a peril and a hazard with respect to insurance coverage?

Both of these terms are used frequently in insurance policies, particularly property insurance.

A peril is something that can cause a financial loss. Examples include falling, crashing your car, fire, wind, hail, lightning, water, volcanic eruptions, falling objects, illness, and death.

A hazard is any condition or situation that makes it more likely that a peril will occur. Types of hazards include:

* Physical hazards such as ice on the sidewalks, smoking, or skydiving

* Moral hazards such as dishonesty…