The insurable interest in a piece of property must exist at the time of loss.

Name: The insurable interest in a piece of property must exist at the time of loss.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Insurable interest refers to the financial interest that a policyholder has in the property being insured. This interest must exist at the time of loss, meaning that if the policyholder no longer has an interest in the property, they cannot claim for any losses that occur after that point. Therefore, the statement is true.

The Insurable Interest in a Piece of Property Must Exist