Asked by Osayama Jackie on May 02, 2024
Verified
Sellers always retain an insurable interest in the goods,even if they do not have title to them.
Insurable Interest
A concept in insurance policies where the policyholder must have a stake in the insured item's well-being, facing potential loss if it's damaged or lost.
Sellers
Individuals or entities that offer goods, services, or assets for sale to buyers in exchange for money or other considerations.
Title
in a legal context refers to a formal right of ownership of property, whether tangible or intangible, indicating the holder's legal right to use, control, or dispose of the property.
- Differentiate among the legal principles of title, risk of loss, and insurable interest.
Verified Answer
ZK
Zybrea KnightMay 05, 2024
Final Answer :
False
Explanation :
Sellers retain an insurable interest in the goods as long as they have title to them or a security interest in the goods. Once they no longer have title or a security interest, they generally do not retain an insurable interest.
Learning Objectives
- Differentiate among the legal principles of title, risk of loss, and insurable interest.