Q. What is the concept of insurable interest in life insurance?

View solution

Q. Who can take life insurance for themselves?

View solution

Q. Can children take insurance for their parents?

View solution

Q. What can be considered as valid insurable interest under common law?

View solution

Q. Can an individual take life insurance for themselves of any amount?

View solution

Q. What can an insurance company do if a person's proposed insurance amount exceeds their premium paying capacity?

View solution

Q. Who has insurable interest in the life of an employee?

View solution

Q. Can a company take key-man insurance on the lives of any employees?

View solution

Q. Do children buying insurance cover for their parents fall under insurable interest?

View solution

Q. Who has insurable interest in the property mortgaged against a loan granted by a bank?

View solution

Q. What is key-man insurance?

View solution

Q. Who has insurable interest in the lives of each other in a partnership?

View solution

Q. When does lack of insurable interest exist?

View solution

Q. What is the definition of insurable value?

View solution

Q. What is the consequence of ignoring the insurable interest and the insurable value limits?

View solution

Q. What is the purpose of personal insurance cover?

View solution

Q. What are the key principles of financial underwriting?

View solution

Q. What does it mean to say that the insured is "Not worth more dead than alive"?

View solution

Q. What should underwriters do to relate past financial trends with current economic conditions?

View solution

Q. What is the purpose of financial underwriting in insurance?

View solution