An insurable interest refers to the fact that the insurance company has to have been paid a premium so that it has an interest in the contract.

Question

Quizplus · Accepted Answer

An insurable interest refers to the policyholder having a financial or other interest in the insured property or person, such that their loss or damage would cause the policyholder to suffer a financial or other loss. The insurance company does not need to be paid a premium in order for the policyholder to have an insurable interest.

An Insurable Interest Refers to the Fact That the Insurance