One of the key benefits of an individual or a firm purchasin…

One of the key benefits of an individual or a firm purchasing insurance is that = the individual or firm is trading the “unknown” possibility of a loss event occurring (which would cause you a negative financial consequence) > for the “known” cost of an insurance product (i.e. the cost of the insurance premium).  Which benefit of insurance is the above outlining? 

Elon Musk has a net worth of $480 billion, making him the ri…

Elon Musk has a net worth of $480 billion, making him the richest person on Earth. Mr. Musk is considering purchasing cell phone insurance to protect his brand new iPhone 17, which costs $799, from the perils of accidental damage, misplacement, or theft.  Elon Musk purchasing cell phone insurance violates which requirement of an insurable risk?