An Insured's Lack of an Insurable Interest Is an Absolute

question 15

True/False

An insured's lack of an insurable interest is an absolute defense against payment.

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Definitions:

Commercial Letter

A formal letter used in the business context for communications between companies, or between a company and its customers, suppliers, or partners.

Written Commitment

A formally documented promise or agreement, often legally binding, outlining specific actions or behaviors.

Open Account Agreement

A payment term arrangement between sellers and buyers where goods are shipped and delivered before payment is due.

Least Safe

Describes items or situations that are considered to have the highest level of risk or danger compared to others.