Answer the following: a. What is an insurable interest? At what point in a sales transaction does the buyer get an insurable interest? b. Is the buyer the only one who has an insurable interest in the goods? Is it possible for both the buyer and the seller to simultaneously hold an insurable interest? Explain
a.
An insurable interest is a property interest that allows a party to purchase insurance on the goods. Under the Code, a buyer gets an insurable interest in the goods once the goods are identified as those to which the contract refers.
?
b. It is possible for both parties to have an insurable interest in the same goods at the same time, because of the special property interest found in the Code. The property interest may be title, a security interest, or a special property interest.
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