Which statement regarding insurable risk is not correct? [Solved] (2022)

Which is the correct statement regarding insurable risk?

An insurable risk must involve a loss that is definite as to cause, time, and place.... read more ›

(Video) What is Non insurable risk? Some examples | Explained in English
(V ANJANEYA KUMAR)

What is not an insurable risk?

Noninsurable Risk — a risk that cannot be measured actuarially or in which the chance of loss is so high that insurance cannot be written on it.... read more ›

(Video) Q32 INSURABLE vs NON-INSURABLE RISKS
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What are insurable risks?

Insurable risks are risks that insurance companies will cover. These include a wide range of losses, including those from fire, theft, or lawsuits. When you buy commercial insurance, you pay premiums to your insurance company. In return, the company agrees to pay you in the event you suffer a covered loss.... view details ›

(Video) Characteristics of an Ideally Insurable Risk
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Which of the following is not an example of a valid insurable interest?

Which of the following is NOT an example of insurable interest? Premium receipt.... see more ›

(Video) Insurable versus non-insurable risks
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Which of the following is not an essential element of an insurable risk?

Which is not an essential element of an insurable risk? Answer B is correct. Intentional losses are excluded. The loss must be accidental.... continue reading ›

(Video) What are insurable risks?
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Which of the following risks Cannot be covered by insurance?

While some coverage is available, these five threats are considered mostly uninsurable: reputational risk, regulatory risk, trade secret risk, political risk and pandemic risk.... see more ›

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Why some are insurable and some are not insurable risk?

In case of a scenario where the loss is too huge that no insurer would want to pay for it, the risk is said to be uninsurable. A risk may not be termed as insurable if it is immeasurable, very large, certain or not definable.... read more ›

(Video) Insurable Risks - How does a Risk classify as Insurable ? Characteristics & Qualifying Factors !
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Which of the following types of risk is insurable?

Pure risk is the only type of risk that is insurable because there is only the chance of loss. The Law of Large Numbers allows the probability of loss to become more predictable.... see details ›

(Video) Insurance brief lesson on Insurable Risk - Different Types of Risks
(The Insurance Guru)

What are the 6 requirements of insurable risk?

There are ideally six characteristics of an insurable risk:
  • There must be a large number of exposure units.
  • The loss must be accidental and unintentional.
  • The loss must be determinable and measurable.
  • The loss should not be catastrophic.
  • The chance of loss must be calculable.
  • The premium must be economically feasible.
... see details ›

(Video) What is the difference between insurable and uninsurable risk?
(Insurance Plus)

Which of the following is not a characteristic of insurance?

The functions of insurance are risk sharing, assisting in capital formation, economic progress, etc. Lending of funds is not a function of insurance.... read more ›

(Video) INSURABLE RISK explained in sixty seconds!
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What is not true concerning insurable interest as it applies to life insurance?

life
QuestionAnswer
Which of the following statements is NOT true concerning insurable interest as it applies to life insurance?A debtor has an insurable interest in the life of a lender.
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(Video) What is Insurance in English - Car Insurance - Life Insurance English D-gi Play's
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Which of the following statements is a characteristic of a pure risk?

Which of the following is a characteristic of a pure risk? It exists when the possibility of a loss is present but the possible extent of the loss is unknown. Which of the following defines speculative risk? It is the uncertainty that a voluntarily undertaken risk will result in a loss.... read more ›

Which statement regarding insurable risk is not correct? [Solved] (2022)

Which of the following is true regarding the insurance amount in a credit life policy?

Which of the following is true regarding the insurance amount in a credit life policy? Creditor can only insure the debtor for the amount owed. You just studied 31 terms!... see more ›

Which of the following individuals must have insurable interest in the insured?

In the case of a life insurance policy, the owner of the policy must always have an insurable interest in the life of the insured. Also, if the owner of the policy is not the beneficiary then the beneficiary named in the contract would also need an insurable interest in the insured person.... continue reading ›

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