Which of the following is implied by the requirement that a loss should be determinable and measurable to be insurable? I. The loss must be definite as to place. II. The loss must be definite as to amount.

Question

Social Studies

Quinn Adams

20 August, 16:29

Which of the following is implied by the requirement that a loss should be determinable and measurable to be insurable? I. The loss must be definite as to place. II. The loss must be definite as to amount.

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Answers (1)

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Weston · Answer 1

Both I and II

Explanation:

Insurance is the device which gives protection against a risk. Any risk must have some certain elements in it which make it insurable.

One of the element of an insurable risk is that a loss should be both measurable as well as determinable. This means that the loss should be definite as to time, cause, amount and place.

Hence the answer is both I and II.