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- Insurable_risk abstract "An insurable risk is a risk that meets the ideal criteria for efficient insurance. The concept of insurable risk underlies nearly all insurance decisions.For a risk to be insurable, several things need to be true: The insurer must be able to charge a premium high enough to cover not only claims expenses, but also to cover the insurer's expenses. In other words, the risk cannot be catastrophic, or so large that no insurer could hope to pay for the loss. The nature of the loss must be definite and financially measurable. That is, there should not be room for argument as to whether or not payment is due, nor as to what amount the payment should be. The loss should be random in nature, else the insured may engage in adverse selection (antiselection).Insurance is not effective for risks that are not insurable risks. For example, risks that are too large cannot be insured, or the premiums would be so high as to make purchasing the insurance infeasible. Also, risks that are not measurable, if insured, will be difficult if not impossible for the insurer to quantify, and thus they cannot charge the correct premium. They will need to charge a conservatively high premium in order to mitigate the risk of paying too large a claim. The premium will thus be higher than ideal, and inefficient. Passing of risk involves both party to the contract. The general rule is that unless otherwise agreed, risk passes with title. An agreement to the contrary may be either expressed or implied.EXCEPTIONS TO THE GENERAL RULE: (A) RISK INCIDENTAL TO TRANSIT: The law provided that where the seller undertakes to make delivery of the goods to the buyer, risk attendant to the system of transportation or voyage contemplated will be borne by the buyer unless the parties agreed to the contrary. This is referred to as insurable risk. (B) RISK ATTRIBUTABLE TO FAULT OF EITHER PARTY: Any damage or loss which arises as a result of the fault or neglect of the seller or the buyer or their respective agents as the case may be shall be borne by that party at fault. (C) GOODS PERISHING: Goods perish not only when they cease to exist physically but also when they cease to exist in a commercial sense, e.g. fresh milk gone sour.".
- Insurable_risk wikiPageID "978132".
- Insurable_risk wikiPageLength "2437".
- Insurable_risk wikiPageOutDegree "7".
- Insurable_risk wikiPageRevisionID "680985418".
- Insurable_risk wikiPageWikiLink Adverse_selection.
- Insurable_risk wikiPageWikiLink Category:Actuarial_science.
- Insurable_risk wikiPageWikiLink Category:Insurance_terms.
- Insurable_risk wikiPageWikiLink Category:Risk.
- Insurable_risk wikiPageWikiLink Extended_coverage.
- Insurable_risk wikiPageWikiLink Insurance.
- Insurable_risk wikiPageWikiLink Risk_management.
- Insurable_risk wikiPageWikiLinkText "Insurable risk".
- Insurable_risk wikiPageWikiLinkText "insurable risk".
- Insurable_risk hasPhotoCollection Insurable_risk.
- Insurable_risk wikiPageUsesTemplate Template:Econ-stub.
- Insurable_risk wikiPageUsesTemplate Template:Unreferenced.
- Insurable_risk subject Category:Actuarial_science.
- Insurable_risk subject Category:Insurance_terms.
- Insurable_risk subject Category:Risk.
- Insurable_risk hypernym Risk.
- Insurable_risk type Agent.
- Insurable_risk type Article.
- Insurable_risk type Article.
- Insurable_risk type Field.
- Insurable_risk type Term.
- Insurable_risk comment "An insurable risk is a risk that meets the ideal criteria for efficient insurance. The concept of insurable risk underlies nearly all insurance decisions.For a risk to be insurable, several things need to be true: The insurer must be able to charge a premium high enough to cover not only claims expenses, but also to cover the insurer's expenses. In other words, the risk cannot be catastrophic, or so large that no insurer could hope to pay for the loss.".
- Insurable_risk label "Insurable risk".
- Insurable_risk sameAs Risque_assurable.
- Insurable_risk sameAs m.03w47j.
- Insurable_risk sameAs Страхуемый_риск.
- Insurable_risk sameAs Q3433161.
- Insurable_risk sameAs Q3433161.
- Insurable_risk wasDerivedFrom Insurable_risk?oldid=680985418.
- Insurable_risk isPrimaryTopicOf Insurable_risk.