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The interest which insured has in the subject matter of the insurance is called ________.

  • The interest which insured has in the subject matter of the insurance is called Insurable Interest.
  • Insurable interest is an important concept in insurance, as it ensures that policyholders have a legitimate financial or legal interest in the insured property or person, and are not simply purchasing insurance as a form of gambling or speculation.
  • It's worth noting that different types of insurance may have different requirements for insurable interest.
  • For example, in life insurance, the policyholder must have an insurable interest in the life of the person being insured (usually themselves or a close family member), whereas in property insurance, the policyholder must have an insurable interest in the property being insured (such as owning the property or having a financial interest in it).