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What are the main element of insurance?

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What are the main element of insurance?

This question is from Insurance

The question was posed to me during an interview for a job.

Other related questions to my question are:-

What are the 4 required elements of an insurance contract?

What is insurance and its elements?

What are the 6 elements of an insurance policy?

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Right answer is: These elements are a definable risk, a fortuitous event, an insurable interest, risk shifting, and risk distribution. In addition, there is a very important legal difference between a reserve and an insurance company.

The title of my answer is Elements of Insurance | Expert Commentary | IRMI.com

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