Kgothatso concludes an insurance contract in terms of which he insures Sello’s life. Kgothatso borrowed Sello R500 000 to start a new business. Kgothatso is nominated as a beneficiary should anything happen to Sello. Kgothatso will be responsible for the payment of the premiums. Which ONE of the following statements regarding insurance contracts is INCORRECT?

Question

Kgothatso concludes an insurance contract in terms of which he insures Sello’s life. Kgothatso borrowed Sello R500 000 to start a new business. Kgothatso is nominated as a beneficiary should anything happen to Sello. Kgothatso will be responsible for the payment of the premiums. Which ONE of the following statements regarding insurance contracts is INCORRECT?

Answer

Apart from Sello and Kgothatso, other parties may also be involved when an insurance contract is concluded.

Answer

Kgothatso must have an insurable interest in the life of Sello.

Answer

Kgothatso has concluded non-indemnity insurance.

Answer

Kgothatso has concluded indemnity insurance.

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