single interest insurance

single interest insurance definition - business

single interest insurance

Coverage for only one of several parties that have an insurable interest in a property. For example, a bank purchases single interest insurance to cover possible damage to a vehicle on which it has an outstanding loan. The policy provides coverage for the bank's interest, but not the borrower's interest in the vehicle.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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