From Ryerson Law 603, We need to use IPAC

it is taken from chapter 21 Basic forms of business Organization

to solve this question IPAC is needed

Jurgen operated a shoe store as a sole proprietorship. His accountant recommended that he transfer the business to a corporationin which Jurgen would be the sole shareholder, officer and directorto limit his liability. Jurgen did set up the corporation and transferred his business to it. Subsequently, when he renewed his fire insurance on the business assets, however, he did not name the corporation as the owner of the assets and the person to be compensated in the event of fire. Instead, he named himself. Later a fire destroyed all the assets of the business. The insurance company refused to pay on the basis that under the terms of the policy only a person with an insurable interest in the property could validly obtain insurance. A person has an insurable interest in property if they would be hurt as a consequence of the property's loss or damage. The insurance company said that since the corporation owned the property, only it had an insurable interest. Is Jurgen entitled to claim compensation under the insurance policy?