Alameda owned a painting.The painting was totally destroyed in a fire.The law will say that he lost his property rights in the painting even if he has first party insurance.

Question

Quizplus · Accepted Answer

Property rights are distinct from the physical property itself. Thus, even if Alameda has insurance to cover the loss of the painting, he no longer has any property rights to it because it no longer exists.

Alameda Owned a Painting