Question

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.

Answer 1

Answer:

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.