Which of the following is not a characteristic of an insurable risk?

Adverse selection is a term that refers to a situation where an insurer is unable to accurately assess the risk profile of potential insureds. This typically occurs when there is an asymmetry of information between the insurer and the insured, often leading to the insurer attracting a higher percentage of high-risk individuals. For risks to be insurable, they must meet certain criteria, allowing insurers to predict losses and set premiums accordingly.

In contrast, definable risk, calculable risk, and non-catastrophic risk are characteristics of insurable risks. Definable risk means that the risk has clear definitions and can be measured, making it easier for insurers to evaluate and underwrite. Calculable risk indicates that the insurer can estimate the likelihood and potential cost of a loss, enabling them to formulate appropriate premium structures. Non-catastrophic risk signifies that the risk is manageable and does not involve massive losses that could threaten the financial stability of the insurer.

Thus, adverse selection does not contribute positively to the framework of an insurable risk, making it the correct answer in this context.