A common question that I am often asked each time I speak to people about insurance is, "what exactly can one insure?" Insurance is a great risk handling tool, although not every risk can be insured.

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The matter of establishing insurable interest in order to successfully make a claim in a contract of insurance has often been the subject of controversy between insurance companies and claimants.

Insurable interest is required for essentially all insurance policies, though when it’s required and how it works can vary by type of coverage. In life insurance, insurable interest is required to ...