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Does a managing entity have a stake in the property they manage insurable interest?
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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 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.
What is the function of insurance?
At its most basic, insurance deals with shifting risk. Otherwise stated, a person or entity that stands to incur a financial loss can transfer the financial risk of loss to an insurer. In return, the person or entity pays a premium to the insurer for accepting the risk of loss. A premium derives from a "rate", which is the cost of $1000 in coverage. Therefore, the premium is derived by multiplying the rate by the amount of coverage sought. Not all risks are insurable. One must have an "insurable interest" in the property or event to be insured. This means that the person seeking insurance must have a legal and economic stake in the continued existence of the item to be insured; this can be property or a life. Absent an insurable interest, insurance is essentially a wagering contract. Likewise, the object of the insurance must be legal and not contrary to public policy.
Is is legal for an employer to keep a life insurance policy on a terminated employee?
The involves the concept of "insurable interest." In general, that means that a person or entity has a stake in the continued life of the person insured--for example, a partner may have a financial stake in the continued life of another partner who performs functions and adds value to a business. In general, the insurable interest must exist only at the inception (acquisition) of the policy. However, the rules as to insurable interest may differ state to state by reason of judicial decisions.
What is a title on a home?
A clear title indicates that no other person or other entity has any claim on the property or interest in the property and you are the absolute owner.
What does the term variable interest entity refer to?
The term variable interest entity refers to when an investor obtains less than a majority owned interest. A variable interest entity is subject to consolidation if certain conditions exist.
What is a clear title on a home?
A clear title indicates that no other person or other entity has any claim on the property or interest in the property and you are the absolute owner.
What is the definition of a landlord or landlady?
A landlord or landlady is a person or entity who owns and rents out property to tenants. They are responsible for managing the rental property, collecting rent, maintaining the premises, and ensuring the property complies with local housing laws and regulations.
how to find out if someone has taken out a life insurance policy?
Someone taking out a life insurance policy is a private issue and is not the concern of someone else. If you are concerned that someone took out a policy on you without your knowledge that is very unlikely as you would have to sign the application normally in front of the insurance agent who will have to witness that they saw you sign it. The only case that the insured doesn't have to sign is if they are a minor at the time the policy taken out. In addition to the foregoing is the concept of "insurable interest". This applies to all kinds of insurance. Essentially, it means that in order to insure something, the person or entity buying the insurance must have a "stake" in or something to lose if the casualty insured against befalls the person or property that is insured. With respect to life insurance, one always has an insurable interest in his/her own life. In addition, one generally has an insurable interest in a person who provides monetary or emotional support, such as a parent. Sometimes, the "love and affection" aspect of insurable interest extends as far out as grandparents, but that depends upon the state in which the insurance is issued and the insurer.
Can you get car insurance on a car without the title in your name?
Not necessarily. Auto insurance is of several types. There is physical damage coverage, which pays for the repair of the vehicle if it is damaged. In order to obtain that, you must have an "insurable interest" in the vehicle. This means that you must have a stake in the continued existence (or good condition) of the car. Therefore a person who has loaned money for the purchase of the car with the car as collateral, has an insurable interest. That person may or may not be named on the title. There also exists liability insurance. This compensates an injured person or entity for damages resulting from an automobile collision that was not his/her/its fault. It also protects the insured from a claim for negligence by hiring a lawyer to defend any resulting lawsuit, and paying damages for which the insured is found to be legally responsible. It is not necessary to own a car in order to get liability coverage. A person can purchase "non-owners coverage" that provides liability protection regardless of the vehicle being driven.
If you are unemployed and being sued can they come after your spouse in any way?
Yes, they can. You and your spouse are legally a single financial entity. Any property acquired by your spouse after your marriage is community property, with you having an equal interest. The only property not considered community property would be what your spouse owned prior to your marriage.
Who is insured?
Insuring someone Basically you can insure anyone with whom you have an insurable interest. meaning those on whom you have a financial or physical dependency a legal symbioses or interest in and with their permission and knowledge. If the loss of the individual would cause financial or certain other forms of physical or emotional distress then then you could probably inure them One can insure a key employee, a provider, a Spouse, child, parent or whole family. The future financial impact resulting from the loss of a family member will differ with surviving children from those of a surviving parent. So one should shop for insurance accordingly. Ageing parents may need to have monthly income to bear day to day expenses and a child's needs may span the cost of child care or rearing and future education. There are two ways you can get insured Either you have to be a driver or that insurance plan should include passenger cover. car owner can insure passenger with maximum of 2,00,000 INR. Compare and Buying travel insurance online can make your trips more memorable and secure, now you can enjoy your trip with the great peace of mind.So just do it by doing travel insurance comparison online.Compare and select the best travel policy for you and your family at a cheapest price in your Language. For Quotes:
