Before an event can become an insurable loss, which condition must be met?

An event being classified as an insurable loss requires that it is a future event that occurs by accident, rather than being planned or intentional. This condition is fundamental to the concept of insurance, as it is designed to protect against unforeseen occurrences that can result in financial loss. If an event is intentional, it does not fit the definition of an accidental loss and is typically excluded from coverage. Similarly, past events are no longer insurable because insurance is meant to address potential future risks. Recurrent events may not meet the criteria for insurability if they become predictable or expected, limiting the randomness necessary for an insurable risk. Thus, the requirement for an event to be both future and accidental is pivotal in determining its eligibility for coverage under insurance policies.