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I, myself, my spouse and my younger brother are going for a holiday in Singapore for four days holiday. As I am the sponsor of the trip, I have bought air tickets and booked hotel etc. Now wanted to take travel insurance for all of us, but my travel agent is saying that because my brother is not dependent on me, I cannot take travel insurance for him.
1- Is my agent is right?
2- Do I pay cash and take the insurance, so the question of - who paid for my brother’s insurance won’t arise?
I am afraid, your agent is right. You don't have insurable interest in your brother's insurance.
What is insurable interest?Quote:
Originally Posted by CONFUSED
Can I pay with cash?
Also, I am paying for him for the complete trip and for this trip, he is financially dependent on me.
As per Wikipedia – “A person has an insurable interest in something when loss-of or damage-to that thing would cause the person to suffer a financial loss or other kind of loss.”Quote:
What is insurable interest?
Yes, you can insure your brother. Wikipedia –Quote:
The insurable interest of family members is assumed to be emotional as well as financial. The law allows insurable interest on the presumption that a personal connection makes the family member more valuable alive than dead. Thus, husbands/wives have an insurable interest in their spouse, and children have an insurable interest in their parents (and vice-versa). Brothers/sisters and grandchildren/grandparents are also assumed to have an insurable interest in the lives of those relatives. But cousins, nieces/nephews, aunts/uncles, stepchildren/stepparents and in-laws cannot buy insurance on the lives of others related by these connections.
As per above; No, need to pay cash.Quote:
Can I pay with cash?