[Insurance Incident] Ace Photo,a company specializing in wild animal photography,took out a life insurance policy through ABC Insurance on its president,Ringo,and an insurance policy on the company-owned jeep that he drove.Some time later,Ringo got a better offer from Flash Company,another company specializing in the photography of wild animals,and went to work for them.He parted on good terms with Ace Photo,and took the jeep under the mistaken idea that it was part of his severance benefits.Neither of the insurance policies was cancelled by Ace Photo.Unfortunately,while photographing a lion for Flash Company,Ringo was attacked and eaten.His jeep was then stolen by a bystander.Ace Photo had been in the process of contacting Ringo in an attempt to obtain possession of the jeep but had not reacquired it at the time of his death.Ace Photo had renewed the policy on the jeep,reaffirming to the insurer that its purpose was for use by Ace Photo employees because Ace Photo planned to have possession of the vehicle shortly.Ace Photo filed a claim to collect on the life insurance policy and also on the vehicle policy.ABC Insurance denied both claims.
-Which statement is true regarding the contention of ABC Insurance that it is not required to pay to Ace Photo the amount for which Ringo's life was insured?

Question

Quizplus · Accepted Answer

A)If the insurable interest is in a life,the interest must exist at the time the policy is obtained.The interest must also exist at the time of the loss.If not,the person cannot collect the beneficiary payment.
B)If the insurable interest is in a life,the interest must exist at the time the policy is obtained.The interest must also exist at the time of the loss.If not,the person cannot collect the beneficiary payment.
C)If the insurable interest is in a life,the interest must exist at the time the policy is obtained.The interest must also exist at the time of the loss.If not,the person cannot collect the beneficiary payment.
D)If the insurable interest is in a life,the interest must exist at the time the policy is obtained.The interest must also exist at the time of the loss.If not,the person cannot collect the beneficiary payment.
E)If the insurable interest is in a life,the interest must exist at the time the policy is obtained.The interest must also exist at the time of the loss.If not,the person cannot collect the beneficiary payment.

[Insurance Incident] Ace Photo,a Company Specializing in Wild Animal Photography,took