IC38 LIFE INSURANCE AGENT EXAM - Study Notes
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- Once the policy is accepted, there is no further need to disclose any material facts that may come up during the term of the policy.
- Utmost Good Faith - Click
here for Video - Insurable interest refers to Financial interest of the person in the asset to be insured. It makes an insurance contract valid and enforceable under the law.
- Insurable interest can be in Self (Own life), Spouses life, Childrens life, Assets owned
- In Life insurance, insurable interest should be present at the time of taking the policy. In general insurance, insurable interest should be present both at the time of taking the policy and at the time of claim with some exceptions
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