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Question
State with Reasons whether the following statement is TRUE or FALSE.
Insured must have insurable interest in the subject matter at the time of taking the policy.
Options
True
False
Solution
Insured must have insurable interest in the subject matter at the time of taking the policy- True
Explanation:
The term “insurable interest” means that if a person is planning to get himself/herself or his/her property insured, then he/she must have an interest in it. Thus, insurable interest must exist at the time the policy is taken.
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