Q:9 Deepanshu is a very good friend of shubham. Can Deepanshu take life insurance policy on the life of Shubham? Give reason in support of your answer.
Answers
No, Deepanshu can not take the life insurance policy of Shubham
- An official contract among a customer and an underwriter under which the insurer attempts to make a payment is known as life insurance.
- The amount is paid in exchange for a premium upon the demise of an insured person or after a predetermined amount of time.
- Due to the principle of insurable interest, Deepanshu cannot purchase a life insurance policy for the life of Shubham.
- According to this requirement, the insured must have an insurable stake in the protection provided by the insurance policy.
- There must be a link between how the insured will profit from the insurance's coverage and how they will lose money.
- Taking out an insurance policy without paying interest is regarded as engaging in fraud, which is against the law.
#SPJ1
Answer: No, Deepanshu can not take the life insurance policy of Shubham
Explanation: Due to the principle of insurable interest which says that the concern of an individual towards obtaining an insurance policy for an item or an individual against any type of unforeseen events such as losses or death , Deepanshu cannot purchase a life insurance policy for the life of Shubham.
At the time of taking the insurance policy, all the documents of the insured are submitted.
Account details are also taken and all these information are also verified.
In the coming time, the amount will be paid either to the policyholder or to a nominee named by him, who can be a member of his family.
Friends are not considered part of the family in legal documents.
For more similiar questions refer to -
https://brainly.in/question/17015404?referrer=searchResults
https://brainly.in/question/24428743?referrer=searchResults
#SPJ1