Insurance Code

Question 1

Define Insurable Interest

Answer 1

The interest that a person has in something such as a particular property or another individual, which means that the person would suffer a loss should that property or individual be harmed. In insurance law, you can only buy insurance for something or someone in which you have an insurable interest.

Question 2

Insurable in Property is

Answer 2

Limited to the value of the person isuring

Question 3

Insurable Interest in
1. Property Insurance
2. Life Insurance
Needs to exists at the time?

Answer 3

1. Property Insurance
   a. At the time the policy takes effect
   b. At the time of the Loss
2. Life Insurance
   a At the time the policy takes effect only