The concept of insurance involves a transfer of

The correct answer is D. Risk.

Insurance is a contract between an insurer and an insured, where the insurer agrees to pay the insured for losses that they incur as a result of a specified event, in exchange for a premium paid by the insured. The risk is transferred from the insured to the insurer.

Liability is the legal responsibility for something. Needs are things that are necessary or required. Ownership is the legal right to possess and control something.

Insurance does not involve a transfer of liability, needs, or ownership. It involves a transfer of risk.