If an Insured Does Not Have an Insurable Interest in the Property

question 55

True/False

If an insured does not have an insurable interest in the property being insured, the contract is treated as a wager.

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Definitions:

Individual Idea Session

A brainstorming technique where individuals generate ideas independently before sharing them with the group, aiming to maximize creativity and diversity of thought.

Steiner's "Law"

A principle named after Ivan Steiner, suggesting that the actual productivity of a group is equal to its potential productivity minus losses due to faulty group processes.

Productivity

Refers to the level of effectiveness in producing desired results or outputs, especially in the context of work or economic activity.

Process Loss

The inefficiency in decision-making processes within a group, leading to outcomes that are inferior to those that could have been achieved by individuals or by more effective collaborative approaches.