What is meant by ‘Insurable interest’?
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Explanation:
A person has an insurable interest in something when loss or damage to it would cause that person to suffer a financial loss or certain other kinds of losses. In order to exercise an insurable interest, you must take out an insurance policy protecting the item.
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Answer:
A person has an insurable interest in something when loss or damage to it would cause that person to suffer a financial loss or certain other kinds of losses. In order to exercise an insurable interest, you must take out an insurance policy protecting the item.
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