Asked by Daylen Adams on Mar 10, 2024
Verified
The buyer and seller of goods may not simultaneously hold insurable interests in the goods.
Insurable Interests
A stake or financial interest in something that warrants purchasing insurance to protect against losses or damages to that entity or item.
Buyer and Seller
Terms referring to the two parties involved in a transaction, where the buyer pays the seller in exchange for goods or services.
- Comprehend the concept of insurable interest and risk of loss in goods transactions.
Verified Answer
AL
Abigail LodewegesMar 10, 2024
Final Answer :
False
Explanation :
Both the buyer and seller can have insurable interests in the goods simultaneously, especially during the transition of ownership where risk and title might not have fully transferred from one party to the other.
Learning Objectives
- Comprehend the concept of insurable interest and risk of loss in goods transactions.