Ramesh took the life insurance policy of his wife. After 1 year they got divorced and after 2 year his wife died in a bus accident. Is Ramesh entitled to get compensation from the insurance company if he was paying the premium amount regularly.
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Insurable interest is an essential element of all insurance contracts. A person has an insurable interest in his life as well as in the life of his spouse.In case of life insurance, a person must have insurable interest in life of insured at the time of taking policy, but at the time of death of insured, it is not essential to have an insurable interest.
In the given case, Ramesh will get compensation from the insurance company, no matter he does not have insurable interest in the life of his wife at the time of her death.
Regards
Insurable interest is an essential element of all insurance contracts. A person has an insurable interest in his life as well as in the life of his spouse.In case of life insurance, a person must have insurable interest in life of insured at the time of taking policy, but at the time of death of insured, it is not essential to have an insurable interest.
In the given case, Ramesh will get compensation from the insurance company, no matter he does not have insurable interest in the life of his wife at the time of her death.
Regards
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