For a property insurance policy to be valid, the insured generally must have an insurable interest in the covered property at what point?

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Multiple choice — select the best answer

AOnly when the policy is first applied for
BAt the time of the loss
COnly at policy renewal
DInsurable interest is never required for property

✓ Correct answer: B. At the time of the loss Property insurance is a contract of indemnity, so the insured must have an insurable interest (a financial stake) in the property at the time of loss in order to collect, unlike life insurance where interest need only exist at inception.

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Topic: Property Insurance

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