Which aspect refers to the insurance contract being tied to the insured's actual interest in the property or life insured?

The aspect that refers to the insurance contract being tied to the insured's actual interest in the property or life insured is the personal aspect. This principle underscores the importance of the relationship between the insured and the subject of the insurance. It emphasizes that the insurance coverage must correlate directly with the insured's ownership or interest in the property or life to be covered. This principle ensures that insurance contracts are based on legitimate interests to prevent moral hazard — situations where an insured might intentionally cause loss because they stand to benefit from the insurance payout.

In this context, other concepts like the principle of indemnity relate to compensating the insured for their actual loss, while unilateral and valued contracts describe different structural aspects of contracts themselves rather than the personal relationship between the insured and the insured asset. The focus here is on the integral link between the insured party and the property or life insured, highlighting the necessity of an insurable interest for a valid insurance contract. This is foundational in insurance to guarantee that the insured has a valid claim based on their stake in the matter.