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LSDefine

Simple English definitions for legal terms

insurable interest

Read a random definition: replication

A quick definition of insurable interest:

Insurable interest means having a reason to protect something because it would cause you harm if it were damaged or lost. For example, if you own a car, you have an insurable interest in it because if it gets damaged or stolen, it would cause you financial harm. Insurable interest is important when buying insurance because you need to have a reason to protect something in order to insure it.

A more thorough explanation:

Insurable interest refers to a legal or financial stake that a person has in a property or event that is being insured. It means that the person will suffer a financial loss if the property or event is damaged or lost.

For example, if you own a car, you have an insurable interest in it because you will suffer a financial loss if it is damaged or stolen. Similarly, if you have a mortgage on a house, you have an insurable interest in the property because you will suffer a financial loss if it is damaged or destroyed.

Insurable interest is important in insurance because it helps to prevent fraud. If someone without an insurable interest in a property or event were allowed to take out insurance on it, they could potentially profit from its loss or damage, which would be unethical and illegal.

insurable | insurable value

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General

General chat about the legal profession.
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ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
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