In property insurance the insured must have an insurable interest when the loss occurs and need not have it when the policy is taken out in order to collect.

Question

Quizplus · Accepted Answer

This statement is true. Insurable interest needs to exist at the time of loss in order for the insured to collect, but it does not necessarily need to exist at the time the policy is taken out.

In Property Insurance the Insured Must Have an Insurable Interest