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Simple English definitions for legal terms

policy proof of interest

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A quick definition of policy proof of interest:

Policy Proof of Interest: When someone makes a claim on their insurance policy, they need to show that they have a reason to be insured. This is called having an "insurable interest" in the loss. The policy itself is proof that they have this interest. This is abbreviated as PPI.

A more thorough explanation:

Definition: Policy proof of interest is evidence that a person making an insurance claim has an insurable interest in the loss. This evidence is shown by possession of a policy. It is abbreviated as PPI.

Example: Let's say John buys a life insurance policy and names his wife, Jane, as the beneficiary. If John were to pass away, Jane would be able to make a claim on the policy. However, if Jane did not have an insurable interest in John's life (e.g. they were divorced), she would not be able to make a claim. Possession of the policy serves as evidence that Jane has an insurable interest in John's life.

Explanation: The example illustrates how possession of a policy serves as evidence of an insurable interest. In this case, the life insurance policy serves as proof that Jane has an insurable interest in John's life. Without possession of the policy, Jane would not be able to make a claim on the policy.

policyowner | policy reserve

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JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
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@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
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i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
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then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
Dkk
9:03
Fuck, reading the wikipedia now. Literal last song they did before they broke up was Storywriter. Wow.
9:05
That one is a masterpiece
9:05
My favorite song by them is Recreation
glovediedthisishismom
9:05
snowing
Dkk
9:07
@renard99: man, hard to find.
Dkk
9:07
@glovediedthisishismom: Congrats on the snow.
Dkk
9:16
@renard99: Poetic and nice.
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