What is Principle of Insurable Interest in Insurance?

Principle of Insurable Interest forms the legal basis on whether Insurance can be taken or not. The Insured must have an Insurable Interest in the subject matter for which they want an Insurance Policy. Insurable Interest is when a Person stands to gain or benefit from the continued existence or well-being of a Person or an Insured Property and the Person would suffer a financial loss from the absence of the Person or the Property

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