Examlex
What are the five components of the VRINE model?
Insurable Interest
A requirement for purchasing insurance, denoting the policyholder must stand to lose financially if the insured event occurs.
Damage
The monetary compensation required by law to be paid to an individual or entity as restitution for harm or injury they have incurred.
Indemnify
To compensate for harm or loss; in legal contexts, often involves a party agreeing to bear any losses or damages incurred by another party.
Third-party Claims
Third-party claims involve demands for compensation or legal action brought by someone who is not a direct party to a contract, usually in liability or insurance cases.
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