1066. According to common law, when should insurable interest be present in a life insurance contract?

At the time of taking policy
At the time of claim
Both A & B
None of the above
✅ The correct answer is A.
According to common law, At the time of taking policy insurable interest must be present in a life insurance contract. If there was no insurable interest requirement, some people would be tempted to purchase life insurance policies to collect the death benefit by killing the insured. A person is always considered to have an unlimited insurable interest in his own life and health.

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