Idaho Property (Possible questions with 100% correct answers)

Any financial interest in life or property such that, if the life or property were lost or harmed, the insured would suffer financially. Express Interest Insurable Interest Implied Interest Real Interest correct answers Insurable Interest What are the 3 elements of insurable risk? Financial, Business, Loss Blood, Loss, Interest Financial, Blood, Business Business, Blood, Body correct answers Financial, Blood, Business When must insurable interest exist for a life insurance contract to be valid? When the policy is written Within the first 30 days of the policy. At the time of application. At the time of loss correct answers At the time of loss The individual(s) whose name appears on the policy's declaration. Named Insured Insured All insured Only Insured correct answers Named Insured The individual whose name appears first on the policy's declaration Named Insured Policyholder First Named Insured Only Insured correct answers First Named Insured In commercial insurance policies, who has control of the policy and is the only insured who may cancel the policy or request changes to the policy, and is also the one responsible for paying premiums and reporting losses? Policyholder All Insured(s) Insured(s) First Named Insured correct answers First named insured