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What is Understanding Insurable Interest in Insurance about?

Insurable interest is a legal requirement for purchasing insurance. It means that the policyholder must have a financial stake in the insured item or event and would experience financial loss if damage, destruction or death occurred. There are several types of insurable interests, including fidelity guarantee insurance which covers losses from employee dishonesty, credit insurance which protects exporters from customer insolvency, and performance bonds which guarantee contract obligations are fulfilled. An

Author

Danmar Clarke

Language

EN