👉 The term "interassured" refers to a situation where two or more parties are bound by a mutual agreement to share some or all of their financial obligations, which may include loans, investments, or other types of commitments. In this context, "interassured" typically involves agreements between two or more parties that outline the terms and conditions under which each party is obligated to fulfill its part of a commitment. The term was first introduced in the United States in 1876 as an
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What is the definition of Interassure? 🙋
👉 Interassurance is a type of insurance that allows two or more parties to share in the cost of an event or loss. In this context, it refers to the situation where one party has already purchased and paid for an insurance policy but needs to cover the costs of another party who might need help due to their own actions or negligence. The term "interassurance" is often used in legal contexts to describe situations where two or more parties are sharing a financial risk. For example, if a
