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insurable intrest is a legal right to insurer? discurse.
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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.
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.
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.
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
Does homeowners insurance have to have the name of the owners on the policy?
The Named InsuredYes. It is a legal issue. A homeowner's policy insures the named insured for damage to their home. This assumes the named insured maintains an insurable interest in the house, meaning that they have not sold it to someone else. The policy cannot be transfered to a new owner.
Is it legal to continue to have a spouse rider on an existing policy after a divorce?
Yes. You only have to show insurable interest at the time the policy is taken out. There may still be child support or alimony.
Can a trust insure a home?
It depends upon the underwriting rules of the insurer to which application is made. In general, though, a trust is a legal entity capable of holding title to a home, so it has the requisite insurable interest. Some insurers may refuse the issuance of a standard homeowners insurance policy; others will issue only a dwelling fire policy (non owner occupied policy that covers only the building).
Is it legal to take a life insurance policy out on ex-spouse?
Is there an insurable interest, like child support, alimony, estate planning for the kids? Is the x-spouse willing to sign the application and take the physical?
Can any individual take out an insurance policy on a car that they do not own and collect?
Yes and no. The answer to the question goes to the concept of "insurable interest". This is a legal principal that refers to the fact than a person must have an interest in the object of the insurance. It is this that distinguishes insurance to a wagering agreement. The essence of insurable interest is that the person taking out the policy must stand to lose something (in the case of a car, economic value) if the car is damaged or destroyed. More often than not, physical damage insurance is purchased by the owner of a vehicle. It is then clear that an insurable interest exists because he/she/it stands to lose if the vehicle is damaged or destroyed. Therefore, the insured can collect. Someone who does not own a vehicle may also have an insurable interest sufficient to support an insuring agreement. Examples would be someone who leases a car and is required to return the car at the end of the lease in essentially the same physical condition as it was at the lease inception. Another example would be a person who does not own the car but has a right to use it. The right to use it has a value and is therefore a sufficient insurable interest to support an insuring agreement.
Can an Insurance Company back date a policy?
No, that is not something an insurer would do even if it were legal, which it is not.
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:
Can you buy insurance to safeguard your property from a future lien?
No. A future lien is not insurable. You can use legal maneuvers to shield your property from future liens.
