True or False 1) In property insurance the insured must have insurable interest when the loss occurs and need not have it when the policy is taken out in order to collect.

2) Since the automobile insurance policy is written by the insurer, ambiguities are interpreted in favor of the insurer.

3) There is no subrogation in life insurance.

4) The principle of indemnity says that the insured should profit from insurance.

5) "Actual cash value" means "historical cost less depreciation."