Question

A grandparent owns a house and in his will, he is going to leave it to his grandson. the grandson goes and buys a homeowner policy on the house. The house burns down, can the grandson collect? Option 1: Yes, the grandson can collect on the homeowner policy because he is the beneficiary of the house in the will.

Option 2: No, the grandson cannot collect on the homeowner policy because he did not legally own the house at the time of the fire.

Option 3: Yes, the grandson can collect on the homeowner policy if he is listed as a beneficiary in the will, even if he didn't legally own the house at the time of the fire.

Option 4: No, the grandson cannot collect on the homeowner policy because homeowner policies typically require the policyholder to have an insurable interest in the property, which he may not have if he didn't legally own the house.

Answer 1

No, the grandson cannot collect on the homeowner policy because homeowner policies typically require the policyholder to have an insurable interest in the property.

Step-by-step explanation:

Option 4: No, the grandson cannot collect on the homeowner policy because homeowner policies typically require the policyholder to have an insurable interest in the property, which he may not have if he didn't legally own the house.

In this case, the grandson did not legally own the house at the time of the fire, even though he was listed as the beneficiary in the will. Homeowner policies typically require the policyholder to have an insurable interest in the property, which means they have a financial stake in the property being insured.

Since the grandson did not legally own the house at the time of the fire, he may not have had an insurable interest in the property, and therefore, may not be able to collect on the homeowner policy.