Requirements for Valid Insurance Contracts

What are the requirements for a valid insurance contract?

Who are the parties to the insurance contract?

What is the nature of the interest required in indemnity insurance?

• Financial interest

• Emotional interest

• Social interest

When is the insurable interest required in indemnity insurance?

• At the time of the contract

• At the time of loss

• At the time of claim

What is the nature of the interest required in capital (non-indemnity) insurance?

• Unlimited interest

• Limited interest

• Conditional interest

When is the interest required in capital (non-indemnity) insurance?

• At the time the contract is concluded

• At the time of loss

• At the time of claim