Research On Property Insurable Interest

Property insurable interest is one of the fundamental principles of insurance law. With the prospering and development of the insurance market and industry in China, our legal workers and academics have made varying degrees of effort to improve the development of the insurance law. However, our nowadays' insurance system is difficult to keep up with the developing steps, when the economic development needs more. Loopholes, late founded become the obstacles in the precisely applying of the insurance law. Such legislation disunity likely leads to arbitrary judicial practice. The insurance industry won't develop soundly, unless further investigation and analysis are undertaken in some aspects of the property insurable interest. The following six aspects of property insurable interest are discussed in this article, Besides the Foreword and Summarize. They are:1,The development history and different version in different countries of the property insurable interest.2,The important elements of the property insurable interest.There are three aspects in the understood of these elements: The main body requirement, the constituent elements and time requirement of the property insurable interest. Different options about the main body were introduced in this part, and the author's standpoint that insurant should share the property insurance interests, were also illustrated here. It is necessary that the beneficiary should have the property insurance interests when the compact were open free. The constituent elements indicate that legal actual economical profits constitute the property insurable interest, and the profits need to be countable. Approve of the opinion advantageous for insurance development, the article indicate that the time requirement should begin when the accident occur.3. The validity of property insurable interest. The property insurance interest is neither the existence important document nor disarm important document. It is supposed to be insurance petition.4. The style of property insurable interest. In this part, the ownership, occupancy, and the right for security, the expectation, and the duty of the property insurable interest are illustrated. 5. The legal practice of the property insurable interest. Different legislations of the practice of the property insurable interest exist in USA, UK, Taiwan, Japan and Korea. China also has its own legislation. In this article, the economic interest of the insurant should sustain damage in accident. There are three attributes about the property insurable interest. It is the bid bond of the property insurable interest, and has economical relationship with the insurant, and will not exist unless the accident occurs.6. Practical problems and countermeasures of China property insurance legislation. Three problems that need to solve and according countermeasures are discussed based on acquired knowledge of property insurance interest.