Insurable Interest

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Definition: Insurable interest is an essential elements for issuing an insurance policy that makes the entity or event legal, valid and protected against intentionally harmful acts.A person or entity has an insurable interest in an item, event or action when the damage or loss of the object would cause a financial loss or other hardships.it is not an important element of life insurance contracts under new law.The insurance policy mitigates the risk of loss should something beset the asset.

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