Question

What is insurable interest in short term insurance?

Question is taken from Insurance

This question was addressed to me in an interview.

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What is insurable interest in short term insurance?

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What do you mean by insurable interest Discuss insurable interest in different types of insurance?

What is insurable interest do you agree with the statement that the insurable interst must exist at the time of formation of contract for life insurance?

Answer 1

Right answer is: “Insurable interest” means, in simple terms, that someone would experience financial hardship upon your death. This is a basic requirement for a life insurance contract: The person who is purchasing the policy needs to have an insurable interest in the insured person.

The title of my answer is What is an insurable interest in life insurance?

My answer's reference is Fidelity Life