Question

What does "Insurability" refer to in insurance terminology?

a.

The likelihood of an individual experiencing a loss covered by the insurance policy

b.

The conditions affecting an individual's health, susceptibility to injury, and life expectancy

c.

The process of purchasing an insurance policy

d.

The duration for which an insurance policy remains in force

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (b).The conditions affecting an individual's health, susceptibility to injury, and life expectancy Explanation:"Insurability" refers to all conditions pertaining to individuals that affect their health, susceptibility to injury, and life expectancy, thereby determining their risk profile for insurance purposes.

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