Simplify: -

question 275

Essay

Simplify:
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Definitions:

Insurable Interest

The legitimate interest or stake a policyholder must have in the subject matter of the insurance policy, such that they would suffer financial loss or damage from its harm or destruction.

Goods In Bailment

Items that are temporarily transferred into another's custody for a specific purpose, but ownership is not transferred.

Risk Of Loss

The potential for an asset to be lost, damaged, or destroyed, impacting its owner's financial position.

Goods-In-Bailment Contract

An agreement where personal property is transferred temporarily into the custody of another for a designated purpose.