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Yes, for example a lender that has a lien on the property.
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What are the characteristics of an insurable risk?
The essence of an insurable risk is essentially one in which the person or entity insured has an "insurable interest". This means, that the insured must have a reasonable expectation of advantage, usually monetary, from the continued existence of the property or life insured. It need not be an ownership interest. For example, a spouse who did not have an ownership interest in her husband's car, but who had the right to use the car, would have a sufficient insurable interest in it to support a contract of insurance. The lack of an insurable interest makes an insurance contract essentially a gambling contract--because the person taking out the insurance really has nothing to lose if the property insured is destroyed.
What is meant by the term insurable interest?
"Insurable interest" refers to a situation whereby one derives some kind of benefit from the existence or survival of another object or person. For example, one has insurable interest in one's house or car, but not that of one's distant relatives.
What is the application of insurable interest?
In general, insurable interest refers to the concept that the insured must have a "stake" in the property or interest insured in order to insure it. Stated otherwise, it is a characteristic that distinguishes insurance from a wagering contract. With respect to medical insurance or life insurance, one always has an insurable interest in oneself. A business partner, for example, may also have an insurable interest supportant to support a life insurance policy on the other party; if the other party dies, there may be a financial loss, and that is the key. As to liability insurance, one would have an insurable interest if he/she/it stands to lose financially were a third party to make a claim for a covered loss.
Can someone else insure a car you own?
insurance for some one else's vehicle, yes another person can insure someone's else property, so long as you have an INsurable interest or authorization to do so and the owner is benefited, In other words, The owner also has to be a listed insured on the policy.If you give the permission to another person. obviously they will have an insurable interest, however, only the legal owner of the property can receive compensation in the event of a covered lossyou can not insure the property of another when no insurable interest exists
What is insurable interest in property insurance?
An insurable interest is required in order for any insurance to be valid. In general, an insurable interest exists when an individual or entity has a financial stake in the continued existence of the property.
Can you take out life insurance on your fathers life?
Yes, you can take out a life insurance policy on your father's life. In order to take out life insurance on someone there needs to exist an "Insurable Interest". One way there exists an insurable interest is if one person relies on another person for financial support. Another would be to be a relative. For example, a husband and wife have insurable interest in each other. Also, siblings, and children and parents have insurable interest in one another.
Who is responsible for taxes and insurance on a building and or equipment owned by a public utility but located on a homeowners property?
Technically, the insurable interest, which is the taxable one, i.e. the building is the property by a Public Utility. So it should be them the responsible
Can more than one person have a policy on you?
Yes. It's a function of "Insurable Interest."
What are the three conditions needed to establish insurable interest?
1. one needs to be the owner of the subject matter 2. such subject matter must have been damaged/lost 3. insurable interest must exist at the time when the insured person suffers loss.
Can a sibling take out an insurance policy on an adult sibling?
Yes, you can buy life insurance on your sibling. A brother and sister have insurable interest in each other because of blood or marriage. Therefore, siblings can buy life insurance on each other because there is an insurable interest in one another. An insurable interest must exist at the time the life insurance contract is purchased, not necessarily at the time of loss.
Does a homeowners policy have to have the same names that are on the deed?
No, every situation is not the same. You can insure any and all persons who have an insurable interest in the property regardless of who is on the deed.Generally, it is expected that the persons named on the deed would be one primary party of insurable interest.For proper valid coverage, be sure to properly document and disclose all insured interests on your application.AnswerNot necessarily. There are many different types of homeowners policies. An HO-4 is a rental homeowners policy that covers just contents and liability. On a regular home situation where you own and live in the home the name on the home doesn't have to be exactly like the deed but the named insured must have an insurable interest in the property and must live in the home.
Does a mother-in-law have an insurable interest sufficient to support the issuance of a life insurance policy?
It depends upon the underwriting guidelines of the insurance company and the insurance case law of the state in which the policy is to be issued. In general, one has am insurable interest in the life of another when one has a "stake" in his/her continued life. That "stake" can be familial, a financial one or, sometimes, based upon "love and affection". Very generally, an in-law relationship is in most cases a close enough family relationship to support an insurable interest, but anything much beyond in-laws would be doubtful.
