| 单词 | insurable interest |
| 释义 | insurable interest insurable interest The legal right to enter into an insurance contract. A person is said to have an insurable interest if the event insured against could cause that person a financial loss. For example, anyone may insure their own property as they would incur a loss if an item was lost, destroyed, or damaged. If no financial loss would occur, no insurance can be arranged. For example, a person cannot insure a next-door neighbour’s property. The limit of an insurable interest is the value of the item concerned, although there is no limit on the amount of life assurance a person can take out on his or her own life, or that of a spouse, because the financial effects of death cannot be accurately measured. Insurable interest was made a condition of all insurance by the Life Assurance Act 1774. Without an insurable interest, an insured person is unable to enforce an insurance contract (or life-assurance contract) as it is the insurable interest that distinguishes insurance from a bet or wager. |
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