Property Insurance
People have an insurable interest in their property up to the value of the property, but not more. The principle of indemnity dictates that the insured be compensated for a loss of property, but not for more than what the property was worth. A lender who accepts a house as a mortgage, has an insurable interest on the property used as security, but the insurable interest is not in excess of the value of the loan.
Read more about this topic: Insurable Interest
Famous quotes containing the words property and/or insurance:
“Abscond. To “move” in a mysterious way, commonly with the property of another.”
—Ambrose Bierce (1842–1914)
“For there can be no whiter whiteness than this one:
An insurance man’s shirt on its morning run.”
—Gwendolyn Brooks (b. 1917)