VARIETIES IN INSURANCE :

Of Associate in Nursing insurance contract is that the

insured should have Associate in Nursing stake within the material of the contract. Insurance while not stake would be a more wager and in of self unenforceble within the eyes of law. The topic matter of the insurance contract is also a property, or a happening that will produce a liability however it’s not the properrity or the potential liability that is insured however it’s the monetary interest of the cleared within the case of castellain v/s priston in 1883 as follows. What is it that exceedingly fireplace policy ? Not the bricks and material of insurance. “ the topic matter of the contrat is that the name given to the monetary interest, that someone has within the material and it’s this interest, that is insured. Stake is outlined as “The right to insure arising out of monetary relationship recognized below the law between the insured and therefore material of insurance”.

There are four essential elements of insured interest.

1/ There should be some properity, right, interest, life,limb or potential liability, capable of being insured.

2/  Any of those higher than ie, right, interest etc. should be the topic matter  of  insurance.

3/  The insured sub a proper or legal relationship with the topic matter of the insurance, whereby he edges from its safety, well being or freedom from liability and would be adversarily plagued by its loss , injury existence of liability,