Which of the following is NOT a requirement for a risk to be ideally insurable?

For a risk to be ideally insurable, it must meet certain criteria that help insurance companies accurately assess, price, and manage the risks they underwrite. The requirement that the loss must occur on the insured's property is not a fundamental condition of insurability.

While many insurance policies, such as homeowners or auto insurance, do pertain to losses that occur on the insured's property or involve the insured’s vehicle, this is not universally applicable across all types of insurance. For instance, other risks, such as liability or health insurance, may involve losses that do not directly relate to the insured's specific property. Therefore, it's clear that the geographical or property-specific aspect is not a necessary condition for all insurable risks.

In contrast, the other criteria highlight key facets of insurability: the loss being accidental ensures that it is not a predictable or intentional outcome; being definite and measurable allows for the quantification of the loss in monetary terms, which aids in pricing and underwriting; and creating economic hardship indicates that the loss will have a significant financial impact on the insured, justifying the need for coverage.