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Consider the following statements I In case of the marine insurance...

This question belongs to Commerce Accounting
Accounting
?

Consider the following statements:
I. In case of the marine insurance, the insurable interest must exist at the time the loss occurs
II. In case of fire insurance, insurable interest must exist both at the time of the contract and at the time of loss
Which of the statements given above is/are correct?

Answer & Solution
Correct Answer: Option C
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