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In insurance practice, an insurable interest exists when an insured person derives a financial or other kind of benefit from the continuous existence, without repairment or damage, of the insured object (or in the case of a person, their continued survival).
17 maj 2022 · Insurable interest is an essential requirement for issuing an insurance policy that makes the entity or event legal, valid, and protected against intentionally harmful acts.
16 maj 2023 · Insurable interest is a fundamental legal concept that refers to the financial or other interest that a person has in the subject matter of an insurance policy. In other words, it is the interest that a person has in the property or life that is being insured.
18 wrz 2024 · At its core, insurable interest is the principle that a person or entity purchasing insurance must have a legitimate stake in the preservation of the insured subject. This concept ensures that insurance serves its primary function: to indemnify the policyholder against actual loss rather than providing a means for speculative gain.
The requirement of insurable interest prevents individuals from taking out policies on unrelated parties or properties simply for profit, which could lead to moral hazard. Insurable interest can arise from various relationships, including family ties, business partnerships, or ownership of property.
5 paź 2020 · The article explores the requirement of insurable interest in insurance contracts and the varying degrees of statutory reforms thereto in the common law jurisdictions of the United Kingdom, Australia and Nigeria. It is argued that the doctrine has, most often than not, provided a technical defence to the insurers to evade just obligations.
Insurable interest is an investment with the intent to protect the purchaser from financial loss. It is a fundamental prerequisite for any insurance policy. Any person, item, event, or action can have insurable interest if its loss or damage results in a financial burden.
