InsuranceMultiple peril policy Reasonable and customary Opportunity cost Personal coverages Robbery Fire insurance
Insurable risk
Insurance is a crucial component of financial planning, providing protection against potential risks. Some risks, however, are easier to insure than others. In order for insurance to be attainable, the risk must be clearly defined, accidental in nature, and part of a larger group of similar risks. Additionally, the insurance company must be able to establish a reasonable price for the coverage. These factors ensure that the risk is both feasible and predictable, making it a viable option for insurance.
Related terms
Understand the meaning and definition of Multiple peril policy in the context of stock market, trading, and investments.
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MOREUnderstand the meaning and definition of Opportunity cost in the context of stock market, trading, and investments.
MOREUnderstand the meaning and definition of Personal coverages in the context of stock market, trading, and investments.
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