What is Insurable Interest?

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which of the following people has an insurable interest in Jane?

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1. Which of the following is TRUE of a creditor's insurable interest in someone who owes him money?

2. Which of the following is an exception to the law that requires permission first be obtained before purchasing a life insurance policy on someone else?

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About This Quiz & Worksheet

Check your understanding of insurable interest with the quiz and worksheet. Topics include different people who have an insurable interest and laws that don't require permission to buy a policy.

Quiz & Worksheet Goals

You can see what you know about:

  • Life insurance policies that have no insurable interest
  • Person assumed to have an insurable interest on a life insurance policy
  • A person that has an insurable interest
  • Creditor's insurable interest in someone who owes him money
  • An exception to the law that requires permission first be obtained before purchasing a life insurance policy for someone else

Skills Practiced

  • Information recall - access the knowledge you have gained about people who are automatically assumed to have an insurable interest on a life insurance policy
  • Reading comprehension - ensure that you draw the most important information from the lesson on insurable interest
  • Knowledge application - use your knowledge to answer questions about how insurable interest works

Additional Learning

Learn more by using the lesson named What is Insurable Interest? You can cover the following objectives:

  • Define insurable interest
  • Learn who a beneficiary is
  • Review examples of insurable interest
  • Determine how people can purchase life insurance policies
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