If the insured does not have an insurable interest in the property being insured, the contract is treated as a wager.

Name: If the insured does not have an insurable interest in the property being insured, the contract is treated as a wager.
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Quizplus · Accepted Answer

This is a fundamental principle of insurance that the insured must have an insurable interest in the property being insured. If the insured does not have an insurable interest, the contract is considered a wager and is therefore unenforceable.

If the Insured Does Not Have an Insurable Interest in the Property