Observation

           
Some of the suggested responses were:
2.(a)(i)  Insurable interest is the legal right to insure arising out of the financial relationship existing        between the insured and the subject matter of insurance recognized at law

(ii) The features of insurable interest are:
-  There must be some properties, right, interest life, limb or potential liability capable of       
being insured;
-   Such property, life, limb or potential liability, right, interest must be subject matter of    
insurance;
-   The insured must stand in a relationship with subject matter of insurance; whereby he     
stands to benefit from its safety, wellbeing or freedom from liability or prejudiced by its
damage, loss or destruction or existence of liability

    (b)    The features of insurable interest are:
              -   It must be capable of financial measurement.
-   It must be pure risk in nature.
-   It must be fortuitous in origin.
-   It must not be against public policy.
-   There must be insurable interest.
-   The risk must be homogenous in nature.
-   It must be a particular risk.
-   There must be element of uncertainty.
-   The occurrence of the risk must be probabilistic in nature.