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A slip is best defined as a loss of balance caused by insufficient friction between the foot and the walking surface. This situation typically occurs when a person is walking and their footwear cannot maintain adequate grip on the ground, leading to the sudden loss of stability. Slips can happen on wet, oily, or uneven surfaces where friction is compromised, making it difficult for the body to maintain balance.

In contrast, other options describe different types of incidents. An interruption of movement by an obstacle pertains more to trips rather than slips. Falling from a distance relates to different hazards associated with height, highlighting a fall rather than a slip. Lastly, a loss of balance while walking is a broader term that may include slips, trips, or other loss of control instances. However, the specific nature of a slip emphasizes the role of friction, making the chosen definition the most accurate in this context.