Asked by Tommy Grias on Jul 18, 2024
Verified
Buyers and lessees have an insurable interest in identified goods.
Insurable Interest
A stake in the value of an entity or event for which insurance coverage can be purchased to protect against loss.
Identified Goods
Goods that are designated for a specific sale or contract, distinguishing them from other inventory.
- Understand the concept of insurable interest in goods and how it applies to buyers and lessees.
Verified Answer
MS
Matthew SchreiberJul 21, 2024
Final Answer :
True
Explanation :
Buyers and lessees have an insurable interest in identified goods because they stand to suffer a financial loss if the goods are damaged or lost.
Learning Objectives
- Understand the concept of insurable interest in goods and how it applies to buyers and lessees.