e borrowed $800,000 from TD Bank to purchase a fishing boat. dock owned by the Harbour Company. He uses the boat to earn ing. Jake also has a contract with White Shark fishing company t n one port to another. o any of the following parties have an insurable interest in Jake nsurable interest exists, explain the extent of the interest:
e borrowed $800,000 from TD Bank to purchase a fishing boat. dock owned by the Harbour Company. He uses the boat to earn ing. Jake also has a contract with White Shark fishing company t n one port to another. o any of the following parties have an insurable interest in Jake nsurable interest exists, explain the extent of the interest:
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
35.
Transcribed Image Text:Jake borrowed $800,000 from TD Bank to purchase a fishing boat. He keeps the boat
at a dock owned by the Harbour Company. He uses the boat to earn income by
fishing. Jake also has a contract with White Shark fishing company to transport tuna
from one port to another.
a. Do any of the following parties have an insurable interest in Jake or his property? If
an insurable interest exists, explain the extent of the interest:
1. TD Bank
2. Harbour Company
3. White Shark Fishing Company
b. If Jake did not own the boat but operated it on behalf of the White Shark Fishing
Company, would he have an insurable interest in the boat? Explain.
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