Quiz 37: Personal Property,Bailment,and Insurance
In a Life Insurance Policy,there Must Be an Insurable Interest
In a life insurance policy,there must be an insurable interest at the time of the insured's death.
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In the case of a life insurance policy on the insured's own life,it is not necessary for the named beneficiary to have an insurable interest in the insured.
The beneficiary of a life insurance policy is the person whose life is insured.
With regard to a life insurance policy,the "insured" receives the insurance proceeds when the person whose life is the subject of the policy dies.
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