Page 59 - Ebook IC S01

Survey And Loss Assessment IC-S01

Creditor has an insurable interest in the life of the debtor to the extent of the

debt

Partners have insurable interest in the life of each other

Surety has an insurable interest in the life of the principle debtor and also in the

life of his co-surety to the extent of the debt

A company has an insurable interest in the life of a key employee

Owner of an asset has insurable interest in that asset

Bank has insurable interest in the life of the person who has taken the loan

A lender has insurable interest in the property mortgaged against the loan

Executors then trustees are insurable interest in the properties under their

charge

Bailee have insurable interest in the goods held by them on behalf of the others

or otherwise

Cargo owners both sellers and buyers have insurable interest in the goods in

transit during sale

Parents have insurable interest in the life of a child till he is a minor. In case of

children's policies there is a vesting clause, whereby the policy rests in the child on

the attainment of majority

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