An Insurable Interest in Property Is a Financial Interest That

question 80

True/False

An insurable interest in property is a financial interest that justifies insuring such property.

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Definitions:

Specific Receivable

A receivable account that is clearly identified and attributed to a specific source, such as an individual customer or entity.

Net Income

The total earnings of a company after all expenses and taxes have been subtracted from revenue.

Maturity Date

The predetermined date on which a financial instrument, such as a loan or bond, is due to be repaid in full.

Promissory Note

A financial instrument that contains a written promise by one party to pay another party a definite sum of money either on demand or at a specified future date.