Insurable Interest

LPB – OCT 2019 – L3 – Q5 – Life Insurance Policies: Types, Parties, Insurable Interest & Keyman Insurance

Scenario involving a pharmaceutical company insuring a key employee's life as security for a bank overdraft; questions on policy definition, types suitable for bankers, parties involved, insurable interest justification, and impact of employee's resignation on the security.

Question

Life Insurance Policies-Types & Parties, Insurable Interest & Keyman Insurance.

As Executive Director/Retail, you call that 3 years ago, the CEO of Wiafe Chemists Limited (WCL), a small but growing Pharmaceutical Company, and long-standing Customer of your Kokonsa Branch of the Zenith Bank, sought your advice about whether they could ensure the life of their Chief Chemist; on whom the success of the Company largely depended. You advised that the WCL could, and they did.

Today, the CEO calls to your office and informs you that the Chief Chemist has resigned and asks about the status of their overdraft facility limit of GH¢25,000.00 covered by a Legal Assignment of the GH¢55,000.00 Life Policy over the life of the Chief Chemist.

Required: a) Define a Life Policy. b) State the types of Life Policies available to the Banker as Security for Bankers’ Advances. c) Who are the parties in a Life Policy; and how will these apply in the above scenario? d) Did the WCL have an Insurable Interest in the life of the Chief Chemist; and does the resignation of the Chief Chemist change the status/position of the Security to cause the Bank to request for another facility?

Answer

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Tags: Assignment, Bank Security, Insurable Interest, Keyman Insurance, Life Insurance Policies, Maturity, Parties in Policy, Resignation Impact, Types of Policies
Level: Level 3

Topic: Securities Acceptable to Bankers
Series: October 2019

BL – May 2013 – L1 – SA – Q7 – Company Law

This question assesses the concept of insurable interest in a company.

Question

A shareholder has no insurable interest in the __________ of the company.

Answer

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Tags: Insurable Interest, Insurance Law
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – Nov 2015 – L1 – SA – Q19 – Company Law

Definition of insurable interest in insurance law.

Question

A person is said to have insurable interest in an insured person, thing, or event when
A. He is related by affinity to the insured
B. The insured is the property of the person
C. The insured is a chattel
D. He stands to gain or profit in his/its preservation and to suffer loss or damage in his/its destruction
E. The insured could go into extinction by usage

Answer

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Tags: Insurable Interest, Insurance Law, Legal Definition, Multiple Choice
Level: Level 1

Topic: Company Law
Series: NOV 2015

BL – MarJul 2020 – L1 – SA – Q16 – Introduction to Law

Question on identifying the principle that a person must have a financial interest in the subject matter of insurance.

Question

Under insurance contract, which principle states that a person must stand to gain from the preservation of the subject matter or suffer loss from its destruction?
A. Insurable interest
B. Insurance credit rule
C. Cover note policy
D. Indemnity principle
E. Insurance payment policy

Answer

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Tags: Insurable Interest, Insurance Law, Legal Principle, Risk Management
Level: Level 1

Topic: Introduction to Law
Series: MAR/JULY 2020

BL – May 2016 – L1 – SB – Q3d – Law Relating to Banking

Explain the concept of insurable interest in insurance law.

Question

Insurance is to mitigate the effect of losses when they occur.

Required:

Explain briefly the term “Insurable Interest”.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Insurable Interest, Insurance, Risk Management
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2016

LPB – OCT 2019 – L3 – Q5 – Life Insurance Policies: Types, Parties, Insurable Interest & Keyman Insurance

Scenario involving a pharmaceutical company insuring a key employee's life as security for a bank overdraft; questions on policy definition, types suitable for bankers, parties involved, insurable interest justification, and impact of employee's resignation on the security.

Question

Life Insurance Policies-Types & Parties, Insurable Interest & Keyman Insurance.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assignment, Bank Security, Insurable Interest, Keyman Insurance, Life Insurance Policies, Maturity, Parties in Policy, Resignation Impact, Types of Policies
Level: Level 3

Topic: Securities Acceptable to Bankers
Series: October 2019

BL – May 2013 – L1 – SA – Q7 – Company Law

This question assesses the concept of insurable interest in a company.

Question

A shareholder has no insurable interest in the __________ of the company.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Insurable Interest, Insurance Law
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – Nov 2015 – L1 – SA – Q19 – Company Law

Definition of insurable interest in insurance law.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Insurable Interest, Insurance Law, Legal Definition, Multiple Choice
Level: Level 1

Topic: Company Law
Series: NOV 2015

BL – MarJul 2020 – L1 – SA – Q16 – Introduction to Law

Question on identifying the principle that a person must have a financial interest in the subject matter of insurance.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Insurable Interest, Insurance Law, Legal Principle, Risk Management
Level: Level 1

Topic: Introduction to Law
Series: MAR/JULY 2020

BL – May 2016 – L1 – SB – Q3d – Law Relating to Banking

Explain the concept of insurable interest in insurance law.

Question

Insurance is to mitigate the effect of losses when they occur.

Required:

Explain briefly the term “Insurable Interest”.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Insurable Interest, Insurance, Risk Management
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2016

Question Tag: Insurable Interest

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LPB – OCT 2019 – L3 – Q5 – Life Insurance Policies: Types, Parties, Insurable Interest & Keyman Insurance

Scenario involving a pharmaceutical company insuring a key employee's life as security for a bank overdraft; questions on policy definition, types suitable for bankers, parties involved, insurable interest justification, and impact of employee's resignation on the security.

BL – May 2013 – L1 – SA – Q7 – Company Law

This question assesses the concept of insurable interest in a company.

BL – Nov 2015 – L1 – SA – Q19 – Company Law

Definition of insurable interest in insurance law.

BL – MarJul 2020 – L1 – SA – Q16 – Introduction to Law

Question on identifying the principle that a person must have a financial interest in the subject matter of insurance.

BL – May 2016 – L1 – SB – Q3d – Law Relating to Banking

Explain the concept of insurable interest in insurance law.

LPB – OCT 2019 – L3 – Q5 – Life Insurance Policies: Types, Parties, Insurable Interest & Keyman Insurance

Scenario involving a pharmaceutical company insuring a key employee's life as security for a bank overdraft; questions on policy definition, types suitable for bankers, parties involved, insurable interest justification, and impact of employee's resignation on the security.

BL – May 2013 – L1 – SA – Q7 – Company Law

This question assesses the concept of insurable interest in a company.

BL – Nov 2015 – L1 – SA – Q19 – Company Law

Definition of insurable interest in insurance law.

BL – MarJul 2020 – L1 – SA – Q16 – Introduction to Law

Question on identifying the principle that a person must have a financial interest in the subject matter of insurance.

BL – May 2016 – L1 – SB – Q3d – Law Relating to Banking

Explain the concept of insurable interest in insurance law.

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LPB – OCT 2019 – L3 – Q5 – Life Insurance Policies: Types, Parties, Insurable Interest & Keyman Insurance

Scenario involving a pharmaceutical company insuring a key employee's life as security for a bank overdraft; questions on policy definition, types suitable for bankers, parties involved, insurable interest justification, and impact of employee's resignation on the security.

You're reporting an error for "LPB – OCT 2019 – L3 – Q5 – Life Insurance Policies: Types, Parties, Insurable Interest & Keyman Insurance"

BL – May 2013 – L1 – SA – Q7 – Company Law

This question assesses the concept of insurable interest in a company.

You're reporting an error for "BL – May 2013 – L1 – SA – Q7 – Company Law"

BL – Nov 2015 – L1 – SA – Q19 – Company Law

Definition of insurable interest in insurance law.

You're reporting an error for "BL – Nov 2015 – L1 – SA – Q19 – Company Law"

BL – MarJul 2020 – L1 – SA – Q16 – Introduction to Law

Question on identifying the principle that a person must have a financial interest in the subject matter of insurance.

You're reporting an error for "BL – MarJul 2020 – L1 – SA – Q16 – Introduction to Law"

BL – May 2016 – L1 – SB – Q3d – Law Relating to Banking

Explain the concept of insurable interest in insurance law.

You're reporting an error for "BL – May 2016 – L1 – SB – Q3d – Law Relating to Banking"

LPB – OCT 2019 – L3 – Q5 – Life Insurance Policies: Types, Parties, Insurable Interest & Keyman Insurance

Scenario involving a pharmaceutical company insuring a key employee's life as security for a bank overdraft; questions on policy definition, types suitable for bankers, parties involved, insurable interest justification, and impact of employee's resignation on the security.

You're reporting an error for "LPB – OCT 2019 – L3 – Q5 – Life Insurance Policies: Types, Parties, Insurable Interest & Keyman Insurance"

BL – May 2013 – L1 – SA – Q7 – Company Law

This question assesses the concept of insurable interest in a company.

You're reporting an error for "BL – May 2013 – L1 – SA – Q7 – Company Law"

BL – Nov 2015 – L1 – SA – Q19 – Company Law

Definition of insurable interest in insurance law.

You're reporting an error for "BL – Nov 2015 – L1 – SA – Q19 – Company Law"

BL – MarJul 2020 – L1 – SA – Q16 – Introduction to Law

Question on identifying the principle that a person must have a financial interest in the subject matter of insurance.

You're reporting an error for "BL – MarJul 2020 – L1 – SA – Q16 – Introduction to Law"

BL – May 2016 – L1 – SB – Q3d – Law Relating to Banking

Explain the concept of insurable interest in insurance law.

You're reporting an error for "BL – May 2016 – L1 – SB – Q3d – Law Relating to Banking"

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