Question

31. Explain the principle of Insurable Interests. When must Insurable Interest exist in Life
Insurance Fire Insurance and marine Insurance? (according to 5 marks) ​

Answer 1

Answer:

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. ... Instead, he/she should have such an interest in due course of time.

Answer 2

I know the answer but.... I cant explain properly