Describe the insurable interests required in life and property insurance.
What will be an ideal response?
In life insurance contracts, the required insurable interest must exist at the time the policy was issued. It need not exist at the time of the insured's death. Those who have a legitimate interest in the continuation of the insured's life have the required insurable interest. On the other hand, those who have an insurable interest in property must have that interest at the time the loss occurs. The extent of a person's insurable interest in property is limited to the value of his/her interest in the property.
You might also like to view...
A voucher system's control over cash payments begins when a company incurs a liability that will result in eventual payment of cash.
Answer the following statement true (T) or false (F)
Which of the following is not part of the control environment of an organization?
a. Management's philosophy and operating style. b. Organizational structure. c. Human resources. d. Both A and B. e. All of the above are part of the control environment.
Overuse of promotional pricing can erode a brand's value in the eyes of customers
Indicate whether the statement is true or false
Which of the following is the best response a company can make to competitive threats?
A) continuous innovation B) surrender to the competitor C) exit from the market D) divestment E) globalization