insurable interest


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insurable interest

n
(Law) law a financial or other interest in the life or property covered by an insurance contract, without which the contract cannot be enforced
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.insurable interest - an interest in a person or thing that will support the issuance of an insurance policy; an interest in the survival of the insured or in the preservation of the thing that is insured
stake, interest - (law) a right or legal share of something; a financial involvement with something; "they have interests all over the world"; "a stake in the company's future"
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the insurable interest doctrine also impedes goals of fairness and
The section requires the new beneficiary to be: (i) natural person; and (ii) maintain an insurable interest in the plan participant.
Currently, an unmarried DOD retiree without dependent children may elect to have another person with an insurable interest as the SBP beneficiary; however, if that beneficiary dies, designation of another insurable interest is not allowed.
The Service asserts that A lacked an insurable interest in the lives of the 2,435 employees insured under the P policies.
The LSI made its announcement in response to questionable elements of certain new non-recourse premium finance programs which may violate insurable interest, usury, life settlement, premium finance, rebating or other insurance and consumer protection laws.
of Canada, et al), the English Court of Appeals held that a reinsurance program that offered fixed benefits to an insurer that was exposed to variable liabilities nevertheless adhered to the insurance requirement of demonstrating an insurable interest.
Another questionable transaction involves charities that have an insurable interest in the insured individuals as well as non-charitable participants who have no relationship to the insured.
In a strange case of litigation noire, the Illinois Supreme Court has found that plaintiff (the administrator of the deceased person insured under a life policy) has a cause of action against the insurer for alleged negligent issuance of the policy--without knowledge of the decedent--to a person who lacked an insurable interest in the decedent.
He has the insurable interest in this vehicle; you do not.
Each one depends on whether an insurable interest exists" Panik says.
But there is no need to prove an insurable interest if you take out a policy on your own life and put the benefits "in trust" for your partner.
We were fortunate in being a large Michigan employer, because Michigan was one of the first states to codify the idea that a VEBA trust has an insurable interest in its employees.