Hazard insurance is:

Hazard insurance, which provides protection against risks like fire and theft, is typically prepaid in advance. This means that when you first purchase a policy, the premium is often collected upfront for the coverage period, securing your insurance before any claims can arise. By paying this premium in advance, insurers reduce their own risk and ensure that the policyholder is financially committed to maintaining continuous coverage.

In the context of other options, while hazard insurance may also be effective after being taken out, it is not universally effective the next day, as policies can vary in terms of their starting date. The notion that it is usually paid for six months may apply in some instances but does not represent a standard practice across all policies, which can have varying terms based on the insurer and the specific coverage favored by the policyholder. Lastly, the idea of being prorated by 360 days is more indicative of certain financial calculations but does not directly pertain to standard provisions in hazard insurance, where premiums and renewals are typically calculated based on a full year or other specified durations.