A buyer obtains an insurable interest when the goods are identified to the contract.

Name: A buyer obtains an insurable interest when the goods are identified to the contract.
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Question

Quizplus · Accepted Answer

This statement is true. Insurable interest in property passes to the buyer once the goods are identified to the contract. This means that the buyer has a vested financial interest in the goods and is therefore able to insure them against loss or damage.

A Buyer Obtains an Insurable Interest When the Goods Are