Which of the following is a term referencing the concept that a sufficient interest must exist on the part of an insured in order to take out a policy of insurance?

Question

Quizplus · Accepted Answer

To have an insurable interest in property or life, a person must be subject to economic loss if there is damage or harm to the person or property. Only individuals who have insurable interests can enter into a valid insurance agreement.

Which of the Following Is a Term Referencing the Concept