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Wednesday, November 9, 2011. The Aspect of Insurable Interest and its Transferability. or a cover for an asset owned by someone? A person who takes out insurance must have an insurable interest in the subject matter of the insurance; otherwise the contract will be invalid. In some instances, it may be illegal. Has Insurable Interest in whom. Debtor to the extent of his outstanding debt. Employee to the extent of the value of his services.
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