THE PRINCIPLE OF INSURABLE INTEREST

You are said to have interest in the subject matter insured if you suffer financial loss in case of a calamity that caused loss or damage to the object.  Financial interests allows you insure your property or interests.

In the event of disaster for the insured object and prove that you do not have any financial interest of the object, then you are not entitled to receive compensation.
Understanding the Definitive

Although there is no precise definition of universal, but from the above description can conclude a definitive understanding, that the Insurable Interest is: "The right to insure that arise from the financial relationship between the insured with the insured object, which is protected by law or a lawful applicable ".

From the understanding and definition have I explained above, it can be detailed elements or elements that exist in the Insurable Interest consists of 4 things:

1. There should be a Property, Rights, Interests, Soul and Body as well as the burden of responsibility laws, which can be insured.

2. Benda, Things and Expense Liability coverage should be the object or the object of insurance.

3. Insured must be in a state that he would benefit if it does not happen on the insured object, but will suffer / suffer financial loss if the insured object or experience something unfortunate event of loss. means the insured must have a relationship or financial interest of the insured object in question.

4. The relationships or the interests of the insured with the insured object in question must be legally valid relationship.

For the futher understanding what I have been explaining above, it’s the best one if  I take an example

Example:

Me, I my self, of my  warehouse insure his neighbor (said it : B), In times of disaster over the warehouse, I am trying to submit a claim to the insurance company. Then the insurance company will reject the claim.