Practice question
A depository holds goods and faces liability for their loss. Can that liability support insurable interest under section 15?
- Never, only owners can insure
- Only if the goods are gifts
- Only if liability is unlimited
- Only after the goods are lost
- Yes, to the extent of liability but not beyond their value
Legal references
- https://lawphil.net/statutes/repacts/ra2013/ra_10607_2013.html — Insurance Code as amended by RA 10607, sections 10 and 13–19
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