MLchartDataset catalogue

Insurable interest

Term · Insurance and risk management · MLC-T-INS-001850

A financial stake or relationship a person has in the subject of an insurance policy, such that they would suffer a financial loss if the insured event occurs. Without insurable interest, an insurance contract is generally considered void, as it would be akin to gambling. This interest must exist at the time of loss for property insurance and at policy inception for life insurance.

Table 1. Record
IdentifierMLC-T-INS-001850
FieldInsurance and risk management
SubjectPersonal Lines
Record as JSON 
{
  "id": "MLC-T-INS-001850",
  "term": "Insurable interest",
  "field": "Insurance and risk management",
  "definition": "A financial stake or relationship a person has in the subject of an insurance policy, such that they would suffer a financial loss if the insured event occurs. Without insurable interest, an insurance contract is generally considered void, as it would be akin to gambling. This interest must exist at the time of loss for property insurance and at policy inception for life insurance.",
  "subject": "Personal Lines",
  "url": "https://mlchart.com/terminology/insurance/insurable-interest/"
}

Record 1,770 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.