IC38 HEALTH INSURANCE AGENT EXAM - Study Notes
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- 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
- Insurable Interesth -
Watch video - Subject matter of insurance relates to property being insured against, which has an intrinsic value of its own. Subject matter of an insurance contract on the other hand is the insured's financial interest in that property. It is only when the insured has such an interest in the property that he/she has the legal right to insure.
- Proximate cause - It is defined as the active and efficient cause that sets in motion a chain of events which brings about a result, without the intervention of any force started and working actively from a new and independent source
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