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Discuss the Concept of Insurable Interest

question 17

Essay

Discuss the concept of insurable interest.Indicate the difference between a buyer's and a seller's insurable interest.


Definitions:

Collaborative Purchasing

The practice of joining with others to buy goods or services in bulk to benefit from reduced prices or better terms.

Social Shopping

Online shopping that incorporates social media and user contributions to facilitate buying decisions.

Niche Market

A specialized segment of the market for a particular kind of product or service.

Micromarket

A small, specific market segment characterized by its own unique needs, preferences, and identity.

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