Which of the following is required for a risk to be considered insurable?

For a risk to be considered insurable, it is essential that it involves a definable risk. This means that the risk can be clearly identified, quantified, and assessed in terms of potential loss. Definable risks allow insurance companies to analyze the likelihood of an event occurring and its financial implications, making it possible to price premiums accurately and determine coverage limits.

When a risk is well-defined, both the insurer and the insured have a clear understanding of what is covered, which contributes to the contract's enforceability. It sets the foundation for successful risk management by enabling the insurer to create appropriate reserves and helps policyholders understand their protections.

Other options, while they may relate to aspects of risk assessment or insurance theory, do not meet the fundamental requirement necessary for insurability. For example, a predictable outcome is not always essential, as some insurable events can be unpredictable but still meet definable criteria. The idea that a risk must always result in a claim is also misleading because insurable risks often involve events that may not occur at all. Lastly, limiting risks to only minor losses does not align with the concept of insurability, as significant risks can be insurable as long as they are well-defined.