Yes it means that thing is destroyed that is our things not other one thing therefore we have interest something to that thing

Insurable Interest
Insurable interest refers to the financial or pecuniary interest that a person has in the subject matter of an insurance contract. It is a fundamental principle of insurance that the insured must have an insurable interest in the property or person being insured. This principle ensures that the insured has a legitimate reason to protect the subject matter of the insurance from potential losses.

Insurable interest is important for several reasons:

1. Legal and Ethical Considerations: Insurable interest is necessary to prevent individuals from taking out insurance policies on unrelated parties or properties for their own financial gain. It ensures that insurance contracts are entered into in good faith and helps prevent fraudulent or speculative practices.

2. Risk Management: Insurable interest helps individuals manage their risk exposure by allowing them to insure the property or person that they have a financial interest in. It provides a mechanism for individuals to protect themselves financially in the event of a loss.

3. Compensation: Insurable interest ensures that the insured will be compensated in the event of a covered loss. Without insurable interest, there would be no direct financial stake in the subject matter of the insurance, and the insured may not be adequately compensated for their losses.

4. Underwriting: Insurable interest plays a crucial role in the underwriting process. Insurance companies assess the level of insurable interest an individual has in the subject matter before issuing a policy. This assessment helps determine the premium rates and coverage limits.

Examples of insurable interest include:

- A homeowner has an insurable interest in their own property as they stand to suffer financial losses in the event of damage or destruction.
- A business owner has an insurable interest in their business assets, as any loss or damage could impact their financial stability.
- A spouse has an insurable interest in their partner's life, as they may suffer financial hardship in the event of their partner's death.

In conclusion, insurable interest is a fundamental concept in insurance that ensures individuals have a legitimate financial stake in the subject matter being insured. It helps prevent fraudulent practices, allows for risk management, ensures proper compensation, and plays a crucial role in the underwriting process.