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Essay / Research Paper Abstract
English law of insurable interest is out of step with modern society and business practice and is in need of reform. This 3 page paper comments on this by comparing England to Greece. The bibliography cites 3 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEiningreece.rtf
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Unformatted sample text from the term paper:
betting or gambling and may also be seen to benefit form a moral framework it imposes that may encourage crime, where gains may be made form loss, but no risk
is borne. The idea o insurable interest is key to commercial interested today, the need to insure against loss reduces risk and makes investment more possible and facilitates the
undertaking of transaction, as well as safeguarding assets. However, in many ways the aspect of insurable interest may also be seen as constraining activities due to the way in which
insurable interest needs to be an interests that can be measured in financial terms and also the interests of third parties. Fir example, in the UK there is an unlimited
insurable interest deemed to exist between husband and wife, but co-habiting couples do not have the same interest, even if the relationship is ostensibly the same. The UK is
a part of the EU and as such subject the laws EU laws, however, not all countries in the EU have such difficult interpretation on insurable interest, and measures have
been sought to ease the difficulties, as seen with tools such as INCOTERMs where different shipping contract types, such as CIF and FOB are given uniform definition and the responsibilities
of each party, such as insurance, are clearly outlined (Incoterms, 2004). Coutieres such as Greece, who are later entrant to the EU and are benefiting from he trade and
investment that membership creates may also be seen as having insurable interest regulations that may also be criticised as being in need of re-evaluation. The way insurable interest is
seen is associated with the way the insurance contract is seen, in the UK this is seen as a financial contract, as its the case in Sweden and the Netherlands.
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