Final answer:
The statement 'Risks can be insured even if they are not measurable or determinable' is NOT true of insurable risks, as insurance relies on the ability to measure and predict risks.
Step-by-step explanation:
When examining which statement is NOT true of insurable risks, understanding insurance fundamentals is essential. Insurance functions on the premise of risk assessment, predictability, and the ability to calculate the probability of events. Among the statements provided, the option that is NOT true of insurable risks is (a) Risks can be insured even if they are not measurable or determinable. This is because insurable risks must be quantifiable and to some extent predictable for insurance to work effectively. On the other hand, the need for a large number of similar exposures and for losses to be accidental and non-catastrophic for the insurer are foundations of the concept of insurability.