The Intergovernmental Panel on Climate Change (IPCC), Working Group II Report (2014) presents vulnerability as a pre-existing characteristic property of a system. Accordingly, indicators for 'sensitivity' and 'adaptive capacity', which are internal properties of a system, are employed to assess it. Comparatively, the IPCC 2007 report includes 'exposure', an external factor, as the third component of vulnerability. We have compared the construct of vulnerability presented in IPCC 2007 and 2014 reports. It is argued that the results of vulnerability assessment obtained by adopting IPCC 2014 framework are practically more useful for reducing current vulnerability in preparedness to deal with an uncertain future. In the process, we have articulated the novel concepts of 'selecting hazard-relevant vulnerability indicators' and 'assessing hazard-specific vulnerability'. Use of these concepts improves the contextualization of an assessment and thereby the acceptability of assessment results by the stakeholders.