“The conditions that make a risk insurable to an insurer are:
(i) the peril insured against must produce a definite loss not under the control of the insured
(ii) there must be a large number of circumstances which are alike and subject to the same perils
(iii) the loss must be calculable and the cost of insuring it must be economically feasible
(iv) the peril must be unlikely to affect all insured simultaneously and
(v) the loss produced by a risk must be definite and have a potential to be financially serious. “
