An Insurable Interest in Property Must Exist at the Time

question 39

True/False

An insurable interest in property must exist at the time that the loss is suffered, while an insurable interest in life must exist at the time that the policy is issued.

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Definitions:

Remanded

Refers to the act of sending a legal case back to the original trial court for further proceedings or a new trial.

Appeals Court

An appeals court is a court that reviews decisions made by lower courts to ensure the law was applied correctly and justice was served.

Civil Case

A legal dispute between two or more parties that involves seeking compensation or specific performance rather than criminal sanctions.

Judicial Restraint

The principle that judges should limit their own power to strike down laws unless they clearly violate the Constitution.