Final answer:
The term for stealing property from someone who possesses it is theft, which includes various forms including identity theft and larceny.
Step-by-step explanation:
The term for the dishonest taking or stealing of property from an individual who is in possession of that property is known as theft. Theft is an act where someone wrongfully takes another's property without their permission with the intent to deprive them of it permanently. Whether it's physical goods, services, or even someone's identity, when a person's ownership rights are infringed, and their property is taken without consent, the act is considered theft. This can extend from simple larceny to more complex forms like identity theft, where personal information is used to commit fraud. The rights to one's property and the protections against its unauthorized use or seizure are fundamental legal principles upheld within society.