The extent of a person's insurable interest in property is limited to the value of his or her interest in the property.

Name: The extent of a person's insurable interest in property is limited to the value of his or her interest in the property.
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Quizplus · Accepted Answer

This is because a person cannot insure more than the value of their own interest in the property. Insuring more than the value of their interest would be considered insurance fraud.

The Extent of a Person's Insurable Interest in Property Is