If we need expected loss (not the PV of expected loss)- am I correct that we simply use the various hazard rates given to calculate the expected loss on each payoff? So for a two year 5% bond with hazard rates in years 1 & 2 of 3% & 10% respectively, total expected loss would be:

- coupon in yr 1 is 50 so 50*3%=expected loss in year 1
- payoff in year 2 is 1,050 so 1,050* what= expected loss?
- is it 3%*10%? and then we add up the 2 expected losses?