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An insurable risk, as its name would seem to suggest, is any risk that can be covered by an insurance policy.
A risk must satisfy a number of requirements in order to be considered an insurable risk, including being fortuitous, non-catastrophic, and measurable.
Insurance is a form of risk transfer mechanism where the insurer agrees to indemnify the insured against a specified or known risk.
It is a contract between two parties in which one party, the insurer, agrees to provide financial protection or compensation for the losses incurred by the other party, the insured, in exchange for regular payments known as premiums.
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