Examlex
Which of the following statements is true?
Insurable Interest
A financial or economic stake in the life or property insured, allowing an individual or entity to purchase insurance on the item or person.
Property
An area or thing owned by someone, which includes tangible assets like real estate and personal property, as well as intangible rights.
Insured
A person or entity covered under an insurance policy, providing protection against specified risks or losses.
Indemnify
To compensate for harm or loss, or to provide a security against any financial burden that might arise.
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