Question

ajit is the owner of a taxicab and he gets it insured because he is getting income from it .but, if he sells it he will not have any concern left in that taxi cab. identify and explain the principle of insurance which is applicable in above case

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Answer 1

Answer:

Ajit is the owner of a taxicab and he gets it insured because he is getting income from it. But if he sells it, he will not have any concern left in that taxicab. ... Person who buys a policy must have an insurable interest in the subject of the insurance.