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Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.
According to study texts of The Chartered Insurance Institute, there are the following categories of risk:
Financial risks which means that the risk must have financial measurement.
Pure risks which means that the risk must be real and not related to gambling
Particular risks which means that these risks are not widespread in their effect, for example such as earthquake risk for the region prone to it.
It is commonly accepted that only financial, pure and particular risks are insurable.
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I have an artificial heart valve in my Aorta. It also made me "uninsurable" before 01/01/2014. I became interested in insurance as a career to help people that are uninsurable or who can't afford regular insurance.