C12 Insurance On Property Practice Questions - Insurance Institute Of Canada - C12 Insurance On Property Exam

A legal right or financial relationship to the property such that the person benefits from its safety or is prejudiced by its loss, which must exist at the time of loss. A sentimental attachment to a piece of property that justifies purchasing insurance, even if no financial loss would occur upon its destruction. The right of the insurer to sue a third party who caused a loss to the insured property after paying the claim. An agreement where the insurer promises to pay a fixed sum of money regardless of the actual financial loss suffered by the insured.