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Is the process of measuring the potential loss of life personal injury economic injury and property damage resulting from hazards?

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Your question is missing something. Perhaps you intended to ask, is hazard assessment the process of measuring the potential loss of life, personal injury, economic injury, and property damage resulting from hazards? In which case the answer is yes.
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What do you do if you are in an accident where there is personal injury or 1000 worth of property damage?

When there is a bodily injury involved, both the Emergency Medical Service (EMS) and the police should be called immediately. The injured party should not be moved unless he/s

What is any real or potential condition that can cause injury illness or death to personnel - damage to or loss of equipment or property - degradation of mission capability - or impact on a mission?

This is one definition of a hazard . It is "any real or potential condition that can cause injury,illness, or death to personnel; damage to or loss of equipment orproperty; d