What does insurable interest mean?

Definitions for insurable interest
in·sur·able in·ter·est

This dictionary definitions page includes all the possible meanings, example usage and translations of the word insurable interest.

Princeton's WordNet

  1. insurable interestnoun

    an interest in a person or thing that will support the issuance of an insurance policy; an interest in the survival of the insured or in the preservation of the thing that is insured

Wikipedia

  1. Insurable interest

    Insurable interest exists when an insured person derives a financial or other kind of benefit from the continuous existence, without repairment or damage, of the insured object (or in the case of a person, their continued survival). A person has an insurable interest in something when loss of or damage to that thing would cause the person to suffer a financial or other kind of loss. Normally, insurable interest is established by ownership, possession, or direct relationship. For example, people have insurable interests in their own homes and vehicles, but not in their neighbors' homes and vehicles, and almost certainly not those of strangers. The "factual expectancy test" and "legal interest test" are the two major concepts of insurable interest.

ChatGPT

  1. insurable interest

    Insurable interest refers to a person or entity's financial or legal stake in an asset, such as a property, person or event, that is subject to potential financial loss or damage. It is a basic requirement for issuing an insurance policy, meaning the policyholder must stand to suffer financially and directly if the insured object, person or event incurs loss or harm. The principle is to prevent individuals from acquiring insurance for purely speculative or malicious purposes.

Wikidata

  1. Insurable interest

    Insurable interest exists when an insured person derives a financial or other kind of benefit from the continuous existence of the insured object. A person has an insurable interest in something when loss-of or damage-to that thing would cause the person to suffer a financial loss or other kind of loss. Typically, insurable interest is established by ownership, possession, or direct relationship. For example, people have insurable interests in their own homes and vehicles, but not in their neighbors' homes and vehicles, and certainly not those of strangers. The "factual expectancy test" and "legal interest test" are the two major concepts of insurable interest.

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Numerology

  1. Chaldean Numerology

    The numerical value of insurable interest in Chaldean Numerology is: 3

  2. Pythagorean Numerology

    The numerical value of insurable interest in Pythagorean Numerology is: 4


Translations for insurable interest

From our Multilingual Translation Dictionary

  • बीमा योग्य ब्याजHindi
  • bunga yang dapat diasuransikanIndonesian
  • verzekerbare renteDutch
  • காப்பீட்டு வட்டிTamil

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"insurable interest." Definitions.net. STANDS4 LLC, 2024. Web. 23 Apr. 2024. <https://www.definitions.net/definition/insurable+interest>.

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