Insurable Interest
Free SOA Exam FAM (Fundamentals of Actuarial Mathematics) lesson in Long-Term Insurance Coverages and Retirement Financial Security Programs. 9 min read, ~1,338 words.
Insurable interest = a genuine financial or emotional stake in the insured's continued life. Life insurance: insurable interest required at inception only. Property insurance: insurable interest required at time of loss. Self: unlimited insurable interest in own life, always valid. Family: spouse, parent-child, presumed without dollar limit. Creditor limited to...
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What this lesson covers
- Content
- Example 1
- Example 2
- Common Mistakes
- Check Your Understanding
- Exam Shortcuts
Learning objectives
- 7a
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