* In the remaining 20 jurisdictions reviewed, GDPR fines would generally not be regarded as
insurable.
In evaluating a risk which is the subject of a Fire Insurance Information Form, neighborhood, area, location, and environmental hazards beyond the control of the applicant or owner of the property shall not be considered in determining
insurable condition.
*
Insurable interest is primarily defined by state statutory law and then state court decisions.
Typically, an
insurable interest exists where there is a family relationship, including marriage, between the insured and the policyowner.
Part III examines the sections of the 2009 amendment relating to
insurable interest, the insured's duty of disclosure, the interpretation of contractual clauses, double insurance, and insurance fraud.
The transaction itself is legal if, at inception, the individual procuring the policy has
insurable interests and does not have a pre-negotiated agreement to immediately transfer ownership.
The reinsurers have agreed to settle the claim at the assessed
insurable value of US$235mn, Aban Offshore said in a statement.
"Managing
insurable risks in the mortgage industry is an all-important key to success," said Mr Rao.
"The first step in that direction, for both lenders and borrowers, is to accurately assess and fully appreciate all the key
insurable exposures faced, as well as the coverage options and benefits.
STOLI deals are not to be confused with legitimate viatical settlement arrangements where there was a genuine
insurable interest at the time the policy was purchased and the policy was intended to provide benefits to the beneficiary if the insured died.
The next step is to confirm the extent of
insurable interests in the commercial property.
However, if the law in the state of the donor's domicile does not recognize that a charity has an
insurable interest in the life of the donor, complications may arise.