Insurable interest is a fundamental principle of insurance

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business-services

#1

Insurable interest is a fundamental principle of insurance. When should it be present in case of (a) life insurance policy (b) fire insurance policy © marine insurance policy


#2

(a) Life Insurance Policy Insurable interest must be present at the time of effecting the policy but need not be necessary at the time when the claim falls due.
(b) Fire Insurance Policy Insurable interest on the subject matter must be present both at the
time of effecting policy as well as when the claim falls due.
© Marine Insurance Policy Insurable interest must be present at the time when claim falls due or at the time of loss only.