Who can insure a property or person?

The correct choice emphasizes that only those who have an insurable interest in a property or person can obtain insurance on that asset. Insurable interest means that the policyholder stands to suffer a financial loss if the covered event occurs, which is a fundamental principle in insurance. This requirement ensures that insurance contracts are legally enforceable and mitigates moral hazard, where individuals might take risks with assets they don't own or care about.

When an individual or entity has an insurable interest, it demonstrates a legitimate reason for wanting to insure the property or individual. This concept prevents situations where someone without stakes in the outcome might benefit from an insurance payout following a loss, thereby maintaining the integrity of the insurance system.

In this context, while anyone with a casual interest in someone else's belongings might be involved in the insurance process, only those with a direct financial concern are allowed to secure policies. This principle upholds the ethical standards of the insurance industry and ensures that insurance serves its intended purpose effectively.