Question

31. Explain the principle of Insurable Interests. When must Insurable Interest exist in life
Insurance Fire Insurance and marine Insurance?​

Answer 1

If an individual wants to insure a property, he/she must have an insurable interest in the property; i.e. loss or damage to the property should affect the person financially. Marine insurance is based on the insurable interest in the property.

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Answer 2

Explanation:

in an individual wants to insure a property, he/she must have an insurable interest in the property .i.e. loss or damage to the property should effect the person financially. Marine insurance is based on the insurable interest in the property. Interest, he/she should have such an interest in due course of time.