Is medical /health cover based on the proper definition of insurable risk?

 Yes , it can be defiined properly as insurable risk as it is subject related to a pure risk and not speculative.

My best wishes to you.

In most cases, medical and health insurance cover exact expenses directly related to financial risk. Thus, it falls within the proper terms of 

- Can be measured financially. 

- it's considered accidents as self-injuries are never covered. 

- the insured is always the patient or a direct family member.