Tuesday, February 25, 2020
Posted By Elise Allen on Sunday, August 7, 2011
There must be an insurable interest in order for the insurance contract to be legal. An insurable interest is usually defined as an exposure to direct financial loss. Thus, if Uncle Pete rents an apart�ment, QuotesChimp cannot take out insurance on the apartment complex itself because he has no personal financial interest to protect in it. He can, however, insure the contents of his apartment through renter’s insurance.