Answer to Question #173985 in Management for log

Question

Does the following case have an insurable interest? If so, state their capacity (for example: owner) and when insurable interest is needed for each: 

i. An executor named in a will, to be responsible for dealing with a deceased’s affairs, wishing to insure the property left behind by the deceased.

Answer 1

After an individual’s death, his or her assets will be gathered, business affairs settled, debts paid, necessary tax returns filed, and assets distributed as the deceased individual (generally referred to as the “decedent”) directed. These activities generally will be conducted on behalf of the decedent by a person acting in a fiduciary capacity, either as executor (in some states called a personal representative), an administrator (if the person dies without a will) or as trustee, depending upon how the decedent held his or her property.