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Which statement best explains Insurable interest?

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Question ID #27085 UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC 2026 Full-Length Mock Test 6 Medium

Which statement best explains Insurable interest?

Correct Answer: A. Financial or legal relationship giving a person a legitimate interest in preservation of insured subject matter
Insurable interest: Financial or legal relationship giving a person a legitimate interest in preservation of insured subject matter

Question: Which statement best explains Insurable interest?

A. Financial or legal relationship giving a person a legitimate interest in preservation of insured subject matter

B. Principle by which multiple insurers sharing the same risk contribute to an indemnity loss

C. Risk-transfer arrangement under which an insurer provides financial protection in return for premium

D. Series of periodic payments often used for retirement income

Correct Answer: A. Financial or legal relationship giving a person a legitimate interest in preservation of insured subject matterInsurable interest: Financial or legal relationship giving a person a legitimate interest in preservation of insured subject matter

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Which statement best explains Insurable interest? - MCQ Explanation

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Correct answer: A. Financial or legal relationship giving a person a legitimate interest in preservation of insured subject matter