Explain What Is Meant by an Insurable Interest and What

question 143

Essay

Explain what is meant by an insurable interest and what impact the existence of this principle has on the right to collect on an insurance claim.

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Definitions:

Exemplar View

A perspective in psychology that suggests the classification or recognition of objects occurs by comparing them to a collection of specific examples or instances stored in memory.

Prototype View

A theory in cognitive science suggesting that mental categorization is based on the best or most typical example of a category.

Lexicon

A vocabulary of a language, person, or branch of knowledge, including words and expressions as well as their meanings.

Concepts

Mental representations of categories of objects, events, or ideas based on shared properties.