Question

In a life insurance policy it is later found that the person doesnt have insurable interest then the contract is

Answer 1

Explanation:

Insurable interest exists when an insured person derives a financial or other kind of benefit from the continuous existence, without repairment or damage, of the insured object (or in the case of a person, their continued survival).

Answer 2

Answer:

Explanation:

For property and casualty insurance, the insurable interest must exist both at the time the insurance policy is purchased and at the time a loss occurs. For life insurance, the insurable interest only needs to exist at the time the policy is purchased.