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mohammed ahmed
on Nov 21, 2024

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________ is the right to insure goods against any risk exposure such as damage or destruction.

A) An insurable interest
B) A compensable interest
C) A promissory interest
D) A collateral interest
E) A bank interest

Insurable Interest

A requirement in insurance policies that the policyholder must stand to suffer a financial loss if the insured event occurs, giving them a legitimate interest in insuring the risk.

Risk Exposure

Risk exposure refers to the quantifiable potential for loss that an entity may face as a result of certain actions or decisions.

Damage

Physical harm that impairs the value, usefulness, or normal function of something, often requiring repair or compensation.

  • Understand the fundamental concepts of risk of loss and insurable interest in goods while in transit and at the time of contract execution.
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Hazal BulutNov 28, 2024
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