MANAGEMENT

Detailed explanation-1: -Insurable interest is a type of investment that protects anything subject to a financial loss. A person or entity has an insurable interest in an item, event, or action when the damage or loss of the object would cause a financial loss or other hardships.

Detailed explanation-2: -The interest that a person has in something such as a particular property or another individual, which means that the person would suffer a loss should that property or individual be harmed. In insurance law, you can only buy insurance for something or someone in which you have an insurable interest.

Detailed explanation-3: -The principle of Insurable Interest or Insurable Interest is one of the fundamental principles of insurance. It is defined as the concern of an individual towards obtaining an insurance policy for an item or an individual against any type of unforeseen events such as losses or death.

Detailed explanation-4: -It means that the insured must have an interest in the subject matter of the insurance. In a practical sense, this means that the insured must suffer a financial or economic loss.

Detailed explanation-5: -What is insurable interest? With regards to life insurance, someone having an insurable interest in you means that they would experience financial loss and hardship should you die.