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The code refer to a monetary interest , this interest must exist , not on the person contract or who take the policy unless they are one and same .
For an insurance contract to be valid the insured must have an actual insurable interest at contract's inception and must also exist at the time of loss event occurs .
Insurable interest also refer to a situation that the insured should have a real interest in avoiding risks that causes a financial loss to him upon loss event occurrence .
Insurance which miss the insurable interest is void and no value .
Very best wishes , and Happy New Year .
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