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Insurable interest

Definition

A stake of an insurance policy holder or the beneficiary of the policy in the value of the continued existence or safety of the insured property or person such that the policy holder or the beneficiary of the policy would stand to suffer financial or other loss if the event the insurance coverage was bought to protect against occurs. In order for an insurance policy to be valid and enforceable, the holder of the policy or the beneficiary of the policy must have an insurable interest in the subject of the insurance.

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