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Understanding Insurable interest
Learning about the application of insurable interest
Learning about the common features of insurable interest
Section 1 The definition of insurable interest
Section 2 The application of insurable interest
Section 3 When insurable interest must exist
Section 4 Common features of insurable interest
Figure 2.1
When we talk about insurance,we always talk about the insurable interest.Insurable interest is the basic requirement of a contract of insurance.The party to the insurance contract who is the insured or the policyholder must have particular relationship with the subject matter of insurance,whether it is a life or property or a liability to which he is exposed.The absence of the required relationship will render the contract illegal,void or simply unenforceable,depending on type of insurance. 1