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:

Express Lanes

Specifically designated traffic lanes designed to reduce congestion by allowing vehicles meeting certain criteria, such as carpooling or toll payment, to use a less congested lane.

Toll Roads

Highways or sections of highways for which users are required to pay a fee for access or passage.

Consumer Surplus

The discrepancy between what consumers are prepared and can afford to spend on a product or service versus what they end up paying.

Producer Surplus

The difference between the amount a producer is willing to accept for a good or service and the actual amount received when it is sold.