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Insurance
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- NEXT DEFINITIONInsuranceAn insurance policy is a type of financial agreement that offers defence against possible future losses or damages. It entails the transfer of risk from a person or organization to an insurance provider, who agrees to pay for specific losses as specified in the policy in return for consistent premium payments.Read More
What is 'Insurable Risk'
Definition: A risk that conforms to the norms and specifications of the insurance policy in such a way that the criterion for insurance is fulfilled is called insurable risk.
Description: There are various essential conditions that need to be fulfilled before acceptance of insurability of any 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.
Also See: Insurance, Guaranteed Survival Benefit, Guaranteed Surrender Value, Insurability
Know More: Base Rate Definition, Gslv Definition, Nebula Definition, Chana Definition, Monkey Testing Definition, Aurora Definition, Doosra Definition, Sovereign Risk Definition, Central Plan Definition, New Fund Offer Definition
Description: There are various essential conditions that need to be fulfilled before acceptance of insurability of any 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.
Also See: Insurance, Guaranteed Survival Benefit, Guaranteed Surrender Value, Insurability
Know More: Base Rate Definition, Gslv Definition, Nebula Definition, Chana Definition, Monkey Testing Definition, Aurora Definition, Doosra Definition, Sovereign Risk Definition, Central Plan Definition, New Fund Offer Definition
- PREV DEFINITION
- NEXT DEFINITIONInsuranceAn insurance policy is a type of financial agreement that offers defence against possible future losses or damages. It entails the transfer of risk from a person or organization to an insurance provider, who agrees to pay for specific losses as specified in the policy in return for consistent premium payments.Read More
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