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Insurance Field & Claims Management
Insurance Principles & Agent Duties
Insurable interest, indemnity, proximate cause and policy mechanics - the core IC-38 ground every insurance agent exam tests.
10 questions20 minAnswers revealed at the end
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Question 1 of 10
Ramesh takes a life policy on his own life and, separately, a fire policy on his warehouse. At what point must insurable interest exist in each contract?
At inception only, in both cases
Insurable interest is not needed once the premium is paid
Only at the time of the claim, in both cases
At inception for the life policy, and at both inception and the time of loss for the fire policy
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