With Goods in Bailment,when Is an Insurable Interest Created

question 56

Multiple Choice

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

• A) Only when either party has title to the goods
• B) When either party has title or a risk of loss, but not under any other circumstances
• C) When either party has title, risk of loss, or other economic interest attached to the goods
• D) Two days after 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:

Source-monitoring Error

A memory error where an individual cannot accurately recall the origin of a memory, leading to misattribution of the source.

Cryptomnesia

A memory bias that occurs when a person mistakenly believes a thought or idea is new or original, when it is actually a memory from the past.

Serial-position Effect

A psychological phenomenon where people tend to remember the first and last items in a series better than those in the middle.

Ebbinghaus

Refers to Hermann Ebbinghaus, a German psychologist known for his research on memory and the forgetting curve.