1. Continental Insurance is drafting a new type of insurance policy. In drafting it, Continental must...

Continental Insurance is drafting a new type of insurance policy. In drafting it, Continental must meet which of the following?

federal statutory requirements for tort law

common law requirements for contracts

common law requirements for tort law

state statutory requirements for tort law

Do creditors have an insurable interest in someone who owes them money?

Yes.

Depends on the amount owed.

No.

Depends on whether the person is worth more dead than alive.

Solutions

Expert Solution

1) Solution: common law requirements for contracts
Explanation: In drafting new type of insurance policy, Continental Insurance needs to meet common law requirements for a contract.
2) Solution: Yes
Explanation: Creditors have a legitimate interest in the debtor's life (the person who owes him money). In certain states, the normal standard for an insurable interest depends on whether an individual is worth more to you alive than dead

Rahul Sunny answered 1 year ago

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