General Insurance
Which characteristic must a loss have to be an insurable risk?
Answer and explanation
Answer: A. An insurable risk is accidental, definite as to time, place and amount, and measurable, and the loss must not be catastrophic to the insurer's whole book. A loss within the insured's control or certain to happen is not fortuitous and cannot be priced.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, elements of insurable risks
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