MANAGEMENT

Detailed explanation-1: -What is Insurable Interest? Insurable interest is an investment with the intent to protect the purchaser from financial loss. It is a fundamental prerequisite for any insurance policy. Any person, item, event, or action can have insurable interest if its loss or damage results in a financial burden.

Detailed explanation-2: -Social insurance, government insurance programs, and government guarantees and subsidies are used to meet certain fundamental risks in our country.

Detailed explanation-3: -Consideration. This is the premium or the future premiums that you have to pay to your insurance company. For insurers, consideration also refers to the money paid out to you should you file an insurance claim. This means that each party to the contract must provide some value to the relationship.

Detailed explanation-4: -Insuranceopedia Explains Consideration For example, a person who pays auto insurance premiums to an auto insurance company would receive consideration if they experienced a covered loss to their vehicle. Under this consideration, the auto insurer would pay for the losses.