Business Services-1 — OCM STD 11 Commerce — Question
Gujarat BoardEnglish MediumSTD 11 CommerceOCMBusiness Services-13 Marks
Question
Explain the principle of Insurable interest .
✓
Answer
The insure takes insurance of certain asset and he/ she is economically beneficiary by its existence and suffer economic loss from its destruction.
Regarding this thing the interest of insure is insurable interest e.g. when the house of neighbor is damaged, we really feel sorry but do not bear any economic loss.
Our insurance does not exist in property and insurance is taken then it gets cancelled.
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