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Definitions from WordNet

Definitions from the Web

Term: Insurable Interest

Description:

Insurable interest refers to the legal or financial interest that an individual or entity must have in the subject matter of an insurance policy in order to benefit from it. It means that the insured should have a genuine stake or potential loss if the insured item is damaged or lost.

Sample sentences:

1. As a homeowner, it is crucial to have an insurable interest in your property to ensure protection against unforeseen events.
2. The life insurance policy for the family breadwinner requires the beneficiaries to have an insurable interest in his or her life.
3. The lender has an insurable interest in the borrower's property since it serves as collateral for the loan.
4. An individual must demonstrate insurable interest to obtain an insurance policy for their valuable antique collection.

Possible Related Products:

• Homeowners Insurance
• Life Insurance
• Property Insurance
• Antique Collection Insurance