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From: Les Hemmings on 24 Mar 2010 15:33 Steve Firth wrote: > Les Hemmings <l.c(a)v.n> wrote: > >> We were taught in SAGA home & motor dept that you can't insure >> something you don't own. > > Who were you taught that by, a fuckwit? > > Could have been from this... (I know it's life and not property) But legitimate interest seems to be quite a late concept in insurance. "Between 1787 and 1837, more than two-dozen life insurance companies were started, but less than six of them prospered and survived. During these times, anyone could purchase an insurance policy on anyone else, even a complete stranger. As a result, the strangers being insured sometimes wound up murdered. Therefore, a governing rule of insurance stated that the purchaser of the policy must have a legitimate interest in the preservation of the insured." http://www.onedollarglobeinsurance.com/article/History-of-Life-Insurance |