EXPLAIN THOROUGHLY THE FOLLOWING ELEMENTS OF INSURANCE CONTRACT BELOW:

1. The insured possesses an insurable interest susceptible of pecuniary estimation;

2. The insured is subject to a risk of loss through the destruction or impairment of that interest by the happening of designated perils;

3. The insurer assumes that risk of loss;

4. Such assumption is part of a general scheme to distribute actual losses among a large group or substantial number of persons bearing somewhat similar risks; and

5. The insured makes a ratable contribution (premium) to a general insurance fund