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Which of the following Acts necessitated the presence of insurable interest in insurance contracts?
  • a)
    The Gaming Act, 1845
  • b)
    The Life Assurance Act, 1774
  • c)
    The Marine Insurance Act, 1745
  • d)
    The Fire Insurance Act, 1806
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Which of the following Acts necessitated the presence of insurable int...
The presence of insurable interest in insurance contracts was necessitated by The Life Assurance Act, 1774. This Act required that no insurance shall be allowed to be made by a person for his own benefit on the life of another unless the person effecting the policy of insurance shall have insurable interest on the life of that other person.
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Which of the following Acts necessitated the presence of insurable interest in insurance contracts?a)The Gaming Act, 1845b)The Life Assurance Act, 1774c)The Marine Insurance Act, 1745d)The Fire Insurance Act, 1806Correct answer is option 'B'. Can you explain this answer?
Question Description
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