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Question
Which of the following is an inaccurate statement about the insurable interest requirement?
A. The beneficiary named in a life insurance policy may recover under the policy if she possessed an insurable interest in the relevant person's life at the time she (the named beneficiary) procured the policy but no longer possessed the insurable interest at the time the relevant person died.
B. When an equitable interest in a property translates into a legal interest, it is considered to be an insurable interest.
C. Persons who are business partners are generally held to possess insurable interests in each others' lives.
D. A policy owner may recover under a property insurance policy if he possessed an insurable interest in the relevant property at the time he procured the policy but no longer possessed the property.
Answer
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