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Sagot :
As long as premium payments are up to date, an insurable interest must be established at the time of application and is valid for the length of the policy.
Any investment that is vulnerable to financial loss is protected by insurable interest. When the loss or damage of the object will result in a financial loss or other troubles, that person or entity has an insurable interest in that thing, event, or action.
A individual or organization would purchase an insurance policy to cover the specific person, thing, or event in order to have an insurable interest. If something were to happen to the asset, such as it getting destroyed or lost, the insurance policy would reduce the chance of loss.
An individual has an insurable interest if they stand to gain financially or in another way from the insured person's ongoing life. Therefore, the remaining person would suffer a financial loss or other hardship if the insured person were to pass away.
To know more about insurable interest:
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