Which of the following statements are correct? i. In order to be insurable, a risk must be capable of statistical estimation. ii. In insurance, only economic or financial losses can be compensated.

The correct answer is: C. Both statements i and ii are correct.

In order to be insurable, a risk must be capable of statistical estimation. This means that the probability of the event occurring and the amount of the loss that could occur must be known or estimated with a reasonable degree of accuracy. For example, the risk of fire is insurable because the probability of a fire occurring and the amount of damage that could be caused by a fire can be estimated based on historical data.

In insurance, only economic or financial losses can be compensated. This is because the purpose of insurance is to protect people from financial losses that they could not otherwise afford to bear. For example, if your house burns down, your insurance company will pay you the amount of money that it would cost to rebuild your house, so that you do not have to pay for it out of your own pocket.

Statement i is correct because in order to be insurable, a risk must be capable of statistical estimation. Statement ii is correct because in insurance, only economic or financial losses can be compensated. Therefore, both statements i and ii are correct.