Insurable Interest, Insurance Broker and Financial Institution.

Insurable Interest.

Insurable interest is an interest in the subject matter of a contract of insurance that provides the person insured with the right to enforce the contract. 

NB: An insurable interest, example, ownership of goods insured distinguishes a contract of insurance from wager or Bet.

Insurance Broker.

An Insurance Broker is defined under section 3 of the Insurance Act, 1996, Act no. 18/1996. The phrase Insurance Broker means a person who negotiates Insurance Contracts with Insurance Company on a commission basis and usually handles claims on its clients’ behalf.

Financial Institution.

Financial Institution is defined under section 3 of Banking and Financial Institutions Act, 1991 repealed and replaced 2006, to mean any person authorized by or under the Act to engage in banking business not involving the receipt of money or current account subject to withdrawal by cheque. 

See Bank: Bank is defined by section 3 of the same Act to mean Financial Institution authorized to receive money or current account subject to withdraw by cheque.