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What is Insurable Interest in insurance?

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Buying a policy for yourself is easy since you will be the policy owner. But when it comes to buying an insurance policy for someone else, the whole procedure changes. If you want to buy a policy for someone else you need to have something called an insurable interest. Insurable interest can be determined by using your relationships. For instance, if you want to buy a policy for your stepchildren, you have to establish that you are the legal guardian for those kids, then only you will be able to avail life insurance on their life. Watch this video to know everything about Insurable Interest. 


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