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7 Cards in this Set
- Front
- Back
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What is insurable interest? |
Legal right to insure arising out of a financial relationship recognised in law between the insured and the subject matter of insurance |
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What is the subject matter of insurance? |
Item or event insured by the insured by the contract |
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What is the subject matter of the contract? |
The insureds financial interest in the item insured |
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What is the legal relationship? |
The relationship between the insured and the subject matter (recognised by law) |
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What is financial value? |
The item must have financial value (intrinsic not sentimental) |
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What is an insurers insurable interest? |
They may legally insure with another insurer part or all of the risk |
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What are the 3 ways insurable interest may arise? |
Common law Under contract Under statute |
