X is a good dealer who purchases a building from Y. X obtained a loan from the M/S.

Axis Bank to purchase the building which held a mortgage of the building. X planned to
store a inventory of books in the building he also planned to part of the building for a
fast-food restaurant. When X apply for property insurance on the buildings he did not
conveyed the agent about the restaurant because premium would be substantially higher.
After 8 months the policy was used and after a fire occurs in the restaurant that damages
to the building.
1. To any of the following party have an insurable interest in the building at the time
of loss. Explained your answer. X, Y Axis Bank?
2. Y told to X he could save money by taking over Ys insurance instead of
purchasing a new policy. Can Y validity assign is his existing property insurance
policy to X without notify the insurer. Explain your answer
3. Could X insurer deny power is for the fire loss based on a material concealment?
Explain your answer.
4. Investigation of fire relieved that an electrician improperly wired an electrical
outlet in the restaurant which caused fire. Explain how subrogation might apply in
this case.