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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."