In a goods-in-bailment contract,when is an insurable interest created?
A)When the buyer has title to the goods
B)When the seller has the risk of loss
C)When either party has title,risk of loss,or some other economic interest attached to the goods
D)Two days (forty-eight hours)after either party acquires title to the goods
E)Never,because an insurable interest cannot exist in a goods-in-bailment contract

Question

Quizplus · Accepted Answer

In a goods-in-bailment contract,an insurable interest is created when either party has title,risk of loss,or some other economic interest attached to the goods (for example,a creditor who secures a loan by taking the goods as collateral).

In a Goods-In-Bailment Contract,when Is an Insurable Interest Created