Which of the following is not a characteristic of an insurable risk
A risk may not be termed as insurable if it is immeasurable, very large, certain or not definable.
What are the characteristics of an insurable risk?
Which of the following is NOT an example of insurable interest? Premium receipt.
Which of the following is not an insurable interest?
Rationale: In order to be characterized as pure risk, the loss must be due to chance, definite, measurable, and predictable, but not catastrophic.
What are insurable risks?
Insurable risks refer to the risks that the insurer covers or makes provision for. They are those risks against which it is possible collect, calculate, and estimate future losses. The statistics that have been used to estimate the premium for insurable risks are based on previous statistics. It is open to loss, but not gain.
What are the 7 elements of an insurable risk?
7 elements of an insurable risk are; 1 1. Large Numbers of Exposure Units. The theory of insurance is based on the law of large numbers. 2 2. Define and Measurable Loss. 3 3. Determinable Probability Distribution. 4 4. Calculable Chance of Loss. 5 5. Fortuitous Loss. More items
What are the characteristics of pure risk?
The loss must be catastrophic To be characterized as pure risk, the loss must be due to chance, definite and measurable, and statistically predictable. The loss, however, cannot be catastrophic, that is why insurance policies usually exclude coverage for loss caused by war or nuclear events.
You don’t have to worry about it anymore. Azanswer team is here with the correct answer to your question. Which of the following is NOT a characteristic of an insurable risk? A. The loss must be catastrophic B. The loss must be due to chance C. The loss must be measurable D. The loss exposure must be large Answer: A. The loss must be catastrophic
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- which of the following is not a characteristic of an ideally insurable risk