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Simple English definitions for legal terms
insurable
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A quick definition of insurable:
Term: INSURABLE
Definition: Insurable means that something can be protected by insurance. For example, if you have a car, you can get car insurance to protect it from accidents or theft. Insurability is the ability of something to be insured.
A more thorough explanation:
Definition: Insurable (adjective) means that something can be covered by insurance.
Example: A car is an insurable asset because it can be covered by car insurance.
Explanation: Insurable refers to the ability of something to be insured. In the example given, a car is an insurable asset because it can be covered by car insurance. This means that if the car is damaged or stolen, the insurance company will provide financial compensation to the owner. Insurability is an important factor in determining the cost and availability of insurance coverage.