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Under the principle of insurable interest, at what point must insurable interest exist for a marine cargo insurance policy to pay out?

Only at the time the policy is purchased At the time of the loss, even if it did not exist when the policy was taken out Continuously from the date of policy inception to the date of claim payment Only when the proposal form is signed and submitted

Correct Answer:

At the time of the loss, even if it did not exist when the policy was taken out

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