Question 5 (15 Marks) a. Briefly explain 'insurable interest. 3 marks b. Do the following cases have an insurable interest? If so, state their capacity (for example: owner) and when insurable interest is needed for each: i. A bank wishing to insure a mortgagor's (housing loan debtor) life. ii. An executor named in a will, to be responsible for dealing with a deceased's affairs, wishing to insure the property left behind by the deceased. iii. A purchaser wishing to insure a consignment of electrical appliances to be shipped from Germany. Briefly explain. 12 marks