Which of the following is NOT one of the qualifications of insurable risk?

Exclusivity is not considered one of the qualifications of insurable risk. In insurance, an insurable risk must generally meet certain criteria such as the risk being definable, which means that it can be clearly identified and measured. Additionally, there should be a large number of similar risks to allow for the pooling of losses, which helps in determining appropriate premiums.

When evaluating insurable risks, it is important that the losses are unexpected and can occur with frequency among a large group of insured entities. Adequate premiums play a vital role because they need to cover potential losses, administrative costs, and attain a profit. However, exclusivity implies that the risk is unique to a single individual or entity, which would make it difficult for insurers to spread the risk across a broader base. Insurance fundamentally relies on shared risk across many policyholders, which is why exclusivity does not fit within the framework of what constitutes an insurable risk.