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insurable interest

   Also found in: Medical, Legal, Financial, Encyclopedia, Wikipedia 0.01 sec.
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
ThesaurusLegend:  Synonyms Related Words Antonyms
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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[ILLUSTRATION OMITTED] Arizona's law prohibits intentionally initiating a life insurance policy for a person or entity without an insurable interest in his or her life at the time of the policy's origination.
Money for your life (insurance): selling a policy for cash is not as ... by Morton, Heather / State Legislatures
The bill does not apply to policies not issued for delivery in Florida or that are not issued in Florida--and the insurable interest must exist at the time coverage begins, but may subsequently be extinguished without affecting the validity of the policy.
Insurance Law by Florida Bar News
That insurable interest is preserved, however, by refraining from conducting the sale--although that incurs unknown delay and concomitant accrual of interest.
Servicer errors to avoid by Bergman, Bruce J. / Mortgage Banking
 
 
 
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