Insurable interest means the:
Understand the Problem
The question is asking for the definition of 'insurable interest' and provides multiple choice answers to choose from. The user is expected to identify which option correctly defines the term.
Answer
d) financial interest a person has in something of value.
The final answer is d) financial interest a person has in something of value.
Answer for screen readers
The final answer is d) financial interest a person has in something of value.
More Information
Insurable interest is a legal requirement for most insurance policies, ensuring that the insured stands to face a financial loss if the insured event occurs.
Tips
A common mistake is confusing insurable interest with interest related to financial products like loans or savings.
Sources
- Insurable Interest Definition - Investopedia - investopedia.com
- Insurable Interest | HUB International - hubinternational.com
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