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Agreement on personal compensation and insurable interest



Watch the full video at https://rumble.com/vhp1rz-contract-of-personal-indemnity-and-insurable-interest.html and at https://youtu.be/oEU2g6pbH8c [19659003] The first party's property insurance is an agreement on personal compensation. The insurer promises to compensate the first party, the insured, if the insured suffers a loss as a result of one of the dangers insured against by the wording in pol isig. Insurance does not follow the right to the land. The insurer promises the first party, the insured, that if there is a loss of property that the insured has an interest in paying compensation for the loss. The "basic principle of insurance law that fire insurance" is an agreement on personal compensation, "not one from which a profit is to be realized." [ Cigna Property & Cas. Ins. Co. v. Verzi, 684 A.2d 486, 112 Md.App. 137 (Md. App. 1995)]

The insurer for insurance claims (the adjuster) must always ensure that the owner, or a person with some other insurable interest in the property, is the insured and that the insured has an interest in the property. Failure to do so may result in the insurer paying the wrong person or paying a person without the right to the benefits promised by the insurance. The income from an insurance due to an insurance interest is not covered by others who have an interest in the property but who are not described as insured or who by definition do not qualify as insured.

A real estate policy from the first party is processed by courts asked to interpret the terms of the policy, an agreement on personal compensation. It is an agreement made with the protected individual. The insurance does not follow the property as an incident to any person who can buy that property. If it works at all, it goes like a contract for the transfer of the policy. [ Estate of Cartwright v. Standard Fire Ins. Co ., No. M2007-02691-COA-R3-CV, 2008 WL 4367573, * 2 (Tenn. Ct.App. 23 September 2008) (notes that “[the] insurance contract is also merely a personal contract between the insured and the insurance company and does not attach to or run with the ownership of the insured's property in the absence of an agreement to transfer the insurance. ” Fulton Bellows, LLC v. Federal Ins. Co ., 662 F.Supp.2d 976 (ED Tenn., 2009).

It can generally be said that someone has an insurable interest in property that benefits from their existence or would suffer a loss An insurable interest in property is any right, benefit or benefit deriving from or is dependent on it, or any liability in respect thereof, or any relation to or concern therein of such nature that it may be so affected by the intended risk of directly condemning the insured.

The term "interest", as used in the phrase "insurance interest", is not limited to l property. or ownership in the insurance object. An insurable interest in property may arise due to some liability that an insured incurs in relation to this. Such liability may arise through statutes or through agreements or may be established by law from the obligations assumed by the insured.


© 2021 – Barry Zalma

Barry Zalma, Esq., CFE, now limits his internship to service as an insurance consultant specializing in insurance coverage, insurance claims handling, infidelity and insurance fraud almost equally for insurers and insurers. He also acts as an arbitrator or mediator for insurance-related disputes. He practiced law in California for more than 44 years as an insurance coverage and claims lawyer and more than 52 years in the insurance business. He is available at http://www.zalma.com and zalma@zalma.com.

Mr. Zalma is the first recipient of the first annual Claims Magazine / ACE Legend Award.

For the past 53 years, Barry Zalma has devoted his life to insurance, insurance claims and the need to defeat insurance fraud. He has created the following library of books and other materials to enable insurers and their claims staff to become professionals in insurance claims.

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