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An insurable interest is any financial interest in life or property such that, if the life or property were lost or harmed, the insured would suffer financially. For example, you cannot buy insurance on someone else's house. Unless you own the house, you would not suffer a financial loss if it burned down. However, if you depend on your spouse's income to live, then you have an insurable interest in your spouse and can buy insurance on his or her life.
What else can I help you with?
Who needs lien insurance?
The lien holder would. A lien holder has a financial interest in the property
When must an insurable interest exist for property insurance?
An insurable interest must exist at the time the policy is purchased and when a claim is made. This means the policyholder must have a financial stake in the property being insured to prevent fraud or speculation in insurance. Without insurable interest, the policyholder would not suffer any financial loss from damage to the property.
Can I place a lien on my mother's property for a loan she made to my sister?
You haven't established why you would have any financial interest or rights in your mother's property or in the loan she made to your sister. Therefore, the answer is no.
Is it a purchase or refinance when one heir buys out the other?
That would be the purchase of an interest in real property.That would be the purchase of an interest in real property.That would be the purchase of an interest in real property.That would be the purchase of an interest in real property.
Will you ever own a interest only property?
Interest only property loans are a type of loan in which includesan option to make a payment on the interest. I would not ever own an interest only property because I do not plan on buying a house.
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.
Can a notary sign a will if he or she could possibly benefit from the will?
No. This would be conflict of interest, and it would cause the will to be dismissed in probate court and would also possible cause the notary to be held responsible for any loss as a result of an improper notarization. It is against the law for a notary to notarize a document in which he or she has a financial or other beneficial interest in the transaction.
Who is deeded owner?
That would mean a property owner who acquired their interest in the property by virtue of a deed.
Can you leave a rented property to someone else?
No. Your only interest in the property is as a tenant. Your rights to occupy the property would die with you.
Can ex sell home your name is on deed?
He/she cannot sell your interest. You would need to sign the deed in order to convey your interest in the property to a new owner. A person cannot sell what they do not own and your ex doesn't own your interest in the property.
Can a co owner gift a property without the consent of other co owners?
The co-owner can only transfer their own interest in the property. If there are four owners the interest of one would be a one-quarter interest. A co-owner can transfer their own interest in the property without the consent of the others.
What kind of problem would an economic interest group be most concerned with?
financial
