Insolvent refers to a situation where an individual, company, or organization is unable to pay off their debts. It is a financial state that indicates a lack of liquidity and an inability to meet financial obligations. Insolvency is often associated with bankruptcy, as it is a common outcome when an entity is unable to settle its debts.

Bankruptcy as the Correct Answer:
Bankruptcy is the correct answer because it directly correlates with the term insolvent. When an individual or entity is insolvent, bankruptcy may be the legal process they go through to resolve their financial difficulties. Bankruptcy allows the insolvent party to reorganize their debts or liquidate their assets to repay creditors. Therefore, option (b) "Bankrupt" is the most appropriate choice.

Explanation of Other Options:
Although options (a), (c), and (d) may have similar meanings to insolvent, they do not precisely capture the concept or the severity of the financial situation. Let's explore each option:

a) Poor:
While being insolvent can lead to financial hardship, it does not necessarily mean the individual or entity is poor. Insolvency refers specifically to the inability to meet financial obligations, not a lack of overall wealth or resources.

c) Penniless:
Penniless means having no money at all. While an insolvent individual or entity may have limited funds, they may still possess assets or potential income. Insolvency does not imply complete destitution.

d) Broke:
Being "broke" typically means having little or no money, but it does not necessarily indicate insolvency. One can be temporarily broke without being insolvent. Insolvency suggests a more severe and long-term financial condition.

Conclusion:
In conclusion, the correct answer is option (b) "Bankrupt" because it accurately reflects the state of insolvency and the potential legal process that may follow. Options (a), (c), and (d) are not as precise and do not encompass the full meaning of insolvent.