One very important element when looking into the laws of Insurance is that they will do anything just to avoid paying you any compensation. Though we can't really blame them since it was our mistake(s) for it if they are able to find any faults in regard of the insurance.
You must have noticed that regardless of what the insurance bought, there will be names in it. In reference to the Concept of Insurable Interest, it basically talks about the name on that the insurance will insured.
Giving one simple example would speak for it all:
Imagine you bought a car, and you also bought the insurance as well, and on the insurance it states that you are the legal owner of the car. But 5 years later, you decided to sell that car to the company that you own. Since you are the owner of the company, there is no need to change the name in the insurance, at least that is what you thought.
The thing is, once you have sold the car to the company, you no longer have the ownership of the vehicle, though you are the owner of the company, but in the eyes of the law, the company is an individual itself. Hence when there is something happened to the car, neither you nor the company is able to claim the insurance since in the insurance, it states that you are the owner of the car, but in reality it is now owned by the company.
Thus please remember to confirm and double check these kind of things, though it might be a hassle, but you definitely won't say so when things start to go downhill for you. So a little inconvenience now might be able to buy you a big convenience later on.
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