When an insurer issues a policy, what is the actual item being insured called?

In the context of insurance, the actual item being insured is referred to as the "risk." This term encompasses the subject matter of the insurance policy, which can include various types of property, life, health, or other interests that the insurer agrees to protect against specified events or losses.

Understanding "risk" is essential because it represents both the potential for loss and the subject for which protection is being sought. When an insurer evaluates a policy, they assess the risk associated with the item being insured to determine premiums and coverage conditions.

The other terms in the question have specific definitions within the insurance framework. For instance, a hazard refers to something that increases the likelihood of a loss occurring, while peril identifies the specific cause of loss (such as fire, theft, or natural disasters). A loss is the financial harm or reduction incurred due to a peril. They all relate to the broader topic of insurance but do not specifically define the actual item being insured.