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Business Studies

Fire Insurance

When should i...

Question

When should insurable interest be present for life insurance?

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Solution

At the time of taking policy.

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Q. Life insurance premium received by an insurance company' should be classified as _______________.

State True or False. An insurance contract is void if the insurable interest is not present.

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Insurable interest must exist in ________.
(a) Life insurance contract only
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Q. Premium paid on the life policy of the proprietor should be debited to Insurance Premium Account.

Q. Scope of _______ has widened to include disability insurance, health/medical insurance, annuity insurance and life insurance proper.

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