Which of the following is considered an excluded peril in insurance?

In the context of insurance, an excluded peril refers to a specific risk or event that is not covered by an insurance policy. Wear and tear is a prime example of an excluded peril because it represents the natural degradation of an asset due to regular use and the passage of time. Insurance policies typically do not cover damages that arise from this ongoing deterioration, as they are seen as a predictable consequence of ownership rather than an unforeseen event.

Conversely, the other options listed—fire damage, theft, and natural disasters—are generally considered covered perils under many insurance policies. Fire can cause sudden and significant damage, theft results from criminal activity, and natural disasters represent unexpected environmental events that can cause extensive damage. These types of incidents are typically considered insurable events because they are not part of normal wear and tear and can lead to substantial losses that the insurance is designed to mitigate.