Asked by

Yasmin Milan
on Nov 21, 2024

verifed

Verified

With a simple delivery contract, when is an insurable interest in the buyer created?

A) When money is transferred
B) When the items are delivered
C) When the buyer takes possession
D) When the goods are identified to the contract
E) When goods are identified to the buyer

Insurable Interest

A requirement indicating that a person or entity must have a direct stake in the preservation of the insured item or person to legally purchase insurance on that item or person.

Simple Delivery Contract

An agreement where the delivery of a product is made immediately upon completion of the sale.

Contract

A legally binding agreement between two or more parties that outlines obligations and rights concerning specific terms.

  • Grasp the principles of risk of loss and insurable interest in goods during transit and upon contract execution.
verifed

Verified Answer

CT
Crystal ThomasNov 25, 2024
Final Answer:
Get Full Answer