Question

which type of insurance, insurable interest must exist only at the time of taking policy?​

Answer 1

Answer:

The position is as follows; Marine:Insurable interest must exist at the timeof claim although it need not exist at thetime of effecting the policy. However, at the time of effecting the policy, the insured must prove that he is going to acquire insurable interest soon. (MarineInsurance Act, 1906).

Answer 2

Answer:

In order to purchase a policy, “insurable interest” must exist. In the case of a life insurance policy, the owner of the policy must always have an insurable interest in the life of the insured.

Explanation:

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