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It is sometimes argued that insurance is a sort of gamble, in as much as it enables a person to take a chance regarding the receipt of a large sum of money on the occurrence of a contingency such as fire or death, by paying a small amount of premium. This is not correct. The purpose of insurance is to protect the insured against losses resulting from hazards beyond the control. It should not, and does not, enable the insured to profit from the occurrence of the event insured against. It can and does only indemnify him to the extent of the loss suffered by him.
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With a life insurance policy when must an insurable interest exist?
An insurable interest must exist at the inception (beginning) of the policy.
When must an Insurable interest exist for a property insurance policy?
Insurable interest must exist at inception of the policy cover and at the time of the loss.
When does insurable interest stop with a child?
22
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.
Insurable interest is a legal right to insurer discurse?
insurable intrest is a legal right to insurer? discurse.
Can you get life insurance for your child's father if you are not married?
Yes you can. To get insurance, insurance companies, want to see an "insurable interest." Since he is the father of your child, you have an insurable interest on him.
When must insurable interest exist in a property policy?
Insurable interest is when a person receives a financial or other type of benefit from the continuous existence of the object that is insured. When dealing with property a person is entitled to insurable interest of the property up to the value of the property but not over the value of the property.
When must an insurable interest exist in a property policy?
Insurable interest is when a person receives a financial or other type of benefit from the continuous existence of the object that is insured. When dealing with property a person is entitled to insurable interest of the property up to the value of the property but not over the value of the property.
What are the essential of insurable interest?
There must be a right,or property
Can a parent take out life insurance on their adult children?
Yes, an insured and a beneficiary have to have an insurable interest to be able to have a life insurance policy. Parents/children are considered to have insurable interest
When must an Insurable interest arise for a property insurance policy?
An insurable interest must exist to effect coverage and must continue to exist at the time of a claim to receive payment.
Can anyone purchase car insurance?
Anyone with insurable interest can.
