Owning a big-screen TV is referred to as a(n) ____ while the potential theft of that TV is a(n) ____.

Owning a big-screen TV is considered an exposure because it represents a valuable item that could be subject to loss or damage. In risk management terminology, "exposure" refers to any condition or situation that presents the possibility of a loss, such as property or assets that can be compromised.

The potential theft of that TV is classified as a peril, which means it is a specific hazard or event that could lead to a loss. Perils are the actual events that can cause damage or loss to an asset or exposure.

Thus, in this context, the big-screen TV is an exposure due to its inherent value and the potential risks associated with ownership, while the potential theft is a peril because it is a specific threat that could lead to the loss of that asset. This understanding of the terms "exposure" and "peril" is essential for effective risk management and insurance discussions.