Question

Insurable interest refers to ____________.

a.

Financial interest of the person in the asset to be insured

b.

The asset which is already insured

c.

Each insurer’s share of loss when more than one company covers the same loss

d.

The amount of the loss that can be recovered from the insurer

Posted under IC38 Life Insurance Agent Exam

Answer: (a).Financial interest of the person in the asset to be insured Explanation:Insurable interest refers to the financial interest of the person in the asset to be insured. It means that the insured must have a financial stake in the property or life being insured.

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Q. Insurable interest refers to ____________.
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