Given below are two statements
Statement I: In the case of Life Insurance, the insurable interest must be present in the person insured at the time when the event happened.
Statement II: In the case of Fire Insurance, the insurable interest must be present in the object insured at the time when the policy is taken and the event has happened.
In light of the above statements, choose the correct answer from the options given below
1
Both Statement I and Statement II are true
2
Both Statement I and Statement II are false
3
Statement I is true but Statement II is false
4
Statement I is false but Statement II is true