James mortgaged his house and received a certain amount of money in return as a loan. However, he repaid half the loan in six months. Which of the following is likely to be true in this scenario, at the present moment?
A) The mortgagee has an insurable interest towards 25 percent of the loan amount.
B) The mortgagee does not have an insurable interest in the loan amount.
C) The mortgagee has an insurable interest towards the entire loan amount.
D) The mortgagee has an insurable interest towards half the loan amount.
Correct Answer:
Verified
Q10: To contract for a policy of insurance,
Q11: A bailee has an insurable interest in
Q12: Untrue statements or unfulfilled promises by the
Q13: A minor may disaffirm an insurance contract,
Q14: Which of the following best defines concealment?
A)It
Q15: The maximum amount that the insurer agrees
Q17: A willful failure to disclose pertinent information
Q18: Either party to an insurance contract may
Q19: A "binder" on an insurance policy is
Q20: Which of the following best defines subrogation?
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