Which of the following is not a criterion for a risk to be classified as an "insurable risk?"

A risk being classified as an "insurable risk" involves several key criteria that ensure the insurer can manage and cover the risk effectively. One of the fundamental criteria is that losses related to the risk must be predictable. This means that actuaries and underwriters need to be able to estimate the likelihood of loss occurring and the potential financial impact, which are essential for calculating premiums and managing reserves.

If losses were not predictable, it would be challenging for insurers to operate since they would not be able to set rates accurately or ensure adequate reserves to pay out claims. Thus, predictability is vital for underwriting and overall risk assessment in the insurance industry.

The other criteria also play important roles in determining insurability. For instance, a risk must be non-catastrophic to ensure that a single event doesn't lead to an overwhelming number of claims, exceeding the insurer's ability to pay. The risk must also be measurable to quantify potential losses accurately. Lastly, the risk must be based on chance to ensure that it is random and not under the control of any party, maintaining the principles of risk pooling and transfer, which are foundational to insurance.