Which of the following statements is true about an insurable interest?
A) An insurable interest is the right to insure goods in one's possession.
B) It is not relevant when an insurable interest is created.
C) Only the buyer can insure itself for potential damage to goods.
D) Only the seller can insure itself for potential damage to goods.
E) Both the buyer and seller can insure themselves for potential damage to goods.

Question

Quizplus · Accepted Answer

Both the buyer and seller can have an insurable interest in the goods, allowing either party to insure themselves against potential damage. This is because both parties stand to lose financially if the goods are damaged.

Which of the Following Statements Is True About an Insurable