Define the Term "Insurable Interest" and State the Effect on the Insured

question 35

Essay

Define the term "insurable interest" and state the effect on the insured where he or she does not have an insurable interest.

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Definitions:

Abiotic Environment

The inanimate chemical and physical components of the environment that influence living beings and ecosystem operations.

Habitat

The natural environment in which a species or population lives and grows, providing the necessary conditions for survival.

Species' Ecological Role

The unique function or position an organism or species serves in its ecosystem, influencing its survival and the diversity of life in that ecosystem.

Biological Community

A group of interacting organisms of different species living in a common location and sharing resources.