What term describes the chance of injury, damage, or loss?

The correct term that describes the chance of injury, damage, or loss is "risk." In risk management, this term encompasses the probability of a harmful event occurring and the potential consequences associated with that event. Understanding risk is crucial in various contexts, such as safety, finance, and project management, as it allows organizations and individuals to assess their vulnerabilities and make informed decisions to mitigate potential losses.

While "hazard" refers specifically to any source of potential damage or adverse effect, it doesn't fully encompass the likelihood of that harm occurring. "Incident" is an event that actually occurs, which is not merely a possibility but rather a specific instance of something happening. "Exposure" typically refers to the extent to which someone or something is subject to risk, but it does not directly address the concept of probability or the chance of adverse outcomes. Therefore, "risk" effectively captures both the potential for harm and the uncertainty surrounding it.