The will's executor then works with the probate court to distribute the estate according to the deceased's wishes and state law. Before friends and family members receive their inheritance, the executor must use proceeds from the estate to pay off any outstanding debts the deceased left behind.
Glossary of economics terms and concepts. Meaning and definition of special-interest effect. Any result of government promotion of the interests (goals) of a small group at the expense of a much larger group. For the term special-interest effect may also exist other definitions and meanings, the meaning and definition indicated above are indicative not be used for medical and legal or special purposes.
DEFINITION of 'Insurable Interest'. An economic stake in an event for which an insurance policy is purchased to mitigate risk of loss. An insurable interest is a basic requirement for an insurance company to issue a policy. Entities not subject to financial loss from an event do not have an insurable interest and cannot purchase an insurance policy to cover that event. Insurable interest is what makes an insurance contract legal and valid, and protects against intentionally harmful acts.