With Goods in Bailment,when Is an Insurable Interest Created

question 60

Multiple Choice

With goods in bailment,when is an insurable interest created?

• A)When either party has title,risk of loss,or other economic interest attached to the goods
• B)Two days after either party has title to the goods
• C)When either party has title or a risk of loss,but not under any other circumstances
• D)Only when either party has title to the goods
• E)Never.There is no such thing as an insurable interest in a goods-in-bailment contract

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Definitions:

Cause-And-Effect

A relationship between two variables where a change in one variable (cause) directly results in a change in another variable (effect).

SAT Scores

Standardized test scores from the Scholastic Assessment Test, used in the United States for college admissions to assess a student's readiness for higher education.

GPA

Grade Point Average, a standardized measure of academic achievement calculated by averaging the numerical values assigned to grade letters.

Lurking Variables

Hidden variables that are not measured in a study but can influence the relationship between the studied variables, potentially leading to misleading conclusions.