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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References in periodicals archive ?
Most state statutes that legalize marijuana expressly grant an insurable interest in marijuana up to the legal quantity.
It can't do everything but it can help, one family at a time and we might call it, "Parents: Donate all or a piece of your insurable interest.
He said that approved 'The Marine Insurance Bill 2017' to legislate the Marine Insurance Act had been drafted, which would cover the subjects including marine insurance, insurable interest, insurable value, disclosure and representation.
Travelers subsequently sent a letter to the policyholders stating they would not extend any more coverage because the policyholders lost the insurable interest in the property when they sold the house.
On the other hand, a person who has no ownership interest in property but would be damaged by its loss has an insurable interest.
Insurance coverage of all activities of the Province of Chieti, including collateral and additional ones at all locations either owned by or leased, owned, precarious loan, custody and storage or in use, or which have an insurable interest even under of commitments to Third Party, or over which the Insured has ~ on any other interest capable of economic evaluation - with the relative values related to the respective movable sites throughout the country.
Pham does not have an insurable interest in the nature of the potential legal liability for Chu's vehicle or Chu's actions as a driver.
Does he or she have an insurable interest in the parent?
STOLI became so popular that many producers and insurers confused it with legitimate life settlements, which are transacted on properly originated policies with valid insurable interest at issue.
1) Most policies originate with an insurable interest and--so long as premiums are paid with pre-tax dollars--no tax is owed on the death benefit.
A letter stating the reason for the change in nomination will have to be submitted to ensure that the new nominee has insurable interest in the life covered," says Yashish Dahiya, CEO, Policybazr.
They offer discussions of a broad range of topics in the field, including contract formation, the insurable interest requirement, scope of obligations, the mechanics of claim presentation, excuses for the insurer's nonperformance, automobile insurance, and reinsurance.