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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).
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.
Definition. Insurable interest is the legal right to insure a person or property because one would suffer a financial loss if that person or property were damaged or lost.
17 maj 2022 · Insurable interest is a type of investment that protects anything subject to a financial loss. A person or entity has an insurable interest in an item, event, or action when the damage or...
8 cze 2023 · What Is Insurable Interest? Insurable interest refers to a financial stake that a person has in a particular event or item that is covered by an insurance policy, meaning that the policyholder will suffer a financial loss if the event insured against occurs.
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.
The doctrine of insurable interest grew out of eighteenth-century anxieties over fraudulent seafarers and habitual gamblers. It was created by the courts, entrenched by statute and remains in place to this day despite the fact that it serves no practical or legal purpose.
