Question: Why is an insurable interest required for the enforcement of an insurance contract?

Why is an insurable interest required for the enforcement of an insurance contract?

Step by Step Solution

★★★★★

3.46 Rating (175 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

The existence of an insurable interest is a primary concern in determining lia... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

1268-L-B-L-P-A-C-L(1271).docx

120 KBs Word File

Students Have Also Explored These Related Business Law Questions!

Q:

a. Explain the meaning of an insurable interest. b. Why is an insurable interest required in every insurance contract?

Q:

What is an insurable interest? When must an insurable interest existat the time the insurance policy is obtained, at the time the loss occurs, or both?

Q:

What is an insurable interest? Why is it important?

Q:

Insurance policies are generally standardized contracts as they are unilateral in nature Discuss the advantages and disadvantages of using standardized contracts. Also comment on how the principle of...

Q:

Cobus Stanley purchased a life insurance policy on his partner, Louisa Botha, for a significant sum intended to cover all their joint debts in case of her passing. They have since separated, and...

Q:

Amy and Chung have been married for 20 years and they have a 15 year old son, Haru. They meet with you to discuss their insurance needs and are considering various options. In particular, Amy and...

Q:

Fano Mdlolo is an entrepreneur residing in Durban. Fano's businesses specialise in the retail of digital equipment imported from Korea. These goods are branded" Zamdung". All "Zamdung" stores carried...

Q:

Constant exposure to the Covid-19 virus while developing a vaccine has placed Grindell Pharmaceutical scientists at high risks of infection and prolonged periods of isolation from their family...

Q:

What is an insurable interest? Must the insured have an insurable interest in the subject matter of the insurance contract?

Q:

n . of . 1 5 0 - Vhen is insurable interest required to exist with a property insurance olicy? At the time the policy is written but not at the time of loss. At all times during the policy life. At...

Q:

Is it better to present means or medians with the standard deviations?

Q:

Data for two alternatives are as follows: If the MARR is 12%, compute the value of X that makes the two alternatives equally desirable. B Cost $800 $1000 Uniform annual benefit 230 230 Useful life,...

Q:

which field of finance is finacial management reliant on when an objective assessment of a company's financial statement is required

Q:

14.36 Age, hours studied, and prediction: In How It Works 13.2, we calculated the correlation coefficient between students age and number of hours they study per week. The correlation between these...

Q:

Lee Dennegar and Mark Knutson lived in Dennegars house in Raritan, New Jersey. Dennegar paid the mortgage and other household expenses. With Dennegars consent, Knutson managed their households...

Q:

Warren Davis lived with Renee Brandt in a house that Davis owned in Virginia Beach, Virginia. At Daviss request, attorney Leigh Ansell prepared, and Davis acknowledged, a durable power of attorney...

Q:

Warren Davis lived with Renee Brandt in a house that Davis owned in Virginia Beach, Virginia. At Daviss request, attorney Leigh Ansell prepared, and Davis acknowledged, a durable power of attorney...

Q:

Exercise Problems #2, #3, & #4 will use relations similar to those in our semester project. Here are each of the relations for this homework: Stores( store id: integer, name: String, address: string)...

Q:

Score: 0 of 1 pt 6 of 7 (5 complete) HW Score: 44.64%, 3.13 of 7 pts Ja Next Question P18-17 (similar to) Question Help FE Operating exposure. Copy-Cat, Inc. has signed a deal to make vintage Nissan...

Q:

Esfandairi Enterprises is considering a new three - year expansion project that requires an initial fixed asset investment of $ 2 , 3 0 0 , 0 0 0 . The fixed asset will be depreciated straight - line...