In property insurance, to collect for a loss, insurable interest must exist:
A) at the beginning of the contract
B) at all times
C) when the insurer waives it
D) at the time of the loss

Question

Quizplus · Accepted Answer

In property insurance, insurable interest must exist at the time of the loss. This means that at the time when the loss occurred, the policyholder must have a financial interest in the insured property. Insurable interest does not need to exist at the beginning of the contract or at all times, but it must exist at the time of the loss. The insurer cannot waive the requirement for insurable interest as it is a fundamental principle of insurance.

In Property Insurance, to Collect for a Loss, Insurable Interest