The things are property insured is called _________ of the insurance.
The things are property insured is called Insurable interest of the insurance.
Essentially, insurable interest means that the policyholder would suffer a financial or other type of loss if the insured property or person were to be damaged, destroyed, or otherwise negatively impacted.
For example, if you own a house, you have an insurable interest in the property because you would suffer a financial loss if the house were to be damaged by a covered peril such as a fire or a storm. Similarly, if you have a business partner, you may have an insurable interest in their life because the death of your partner could have a negative financial impact on your business.