Bev is an employee of the accounting firm Catz & Douglas, which ob?tains key-person life in?surance on Bev in the amount of $1 million from Equity Insurance Company. Bev quits Catz & Douglas to join Financial Analysis, LLC. Bev dies. Under the principle of insurable interest, Equity Insurance must pay the $1 million to

Question

Quizplus · Accepted Answer

Catz & Douglas had an insurable interest in Bev at the time the policy was taken out, and since the policy was in force when Bev died, they are entitled to the proceeds.

Bev Is an Employee of the Accounting Firm Catz