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 ?
Since insurable interest is at best a rough proxy for moral hazard,
State law does allow individuals to take out life policies on others, but only if the benefits are payable to someone with an "insurable interest" in the person whose life is insured, it said.
Underwriting a ~property damage insurance~ insurance policy (all risks except type) for the buildings and contents for which the contracting authority has an insurable interest. the content of the assignment is further detailed in the technical annex.
No insurance policy may be enforced except for the benefit of the person having an insurable interest in the property insured.
To secure an insurance policy one must have insurable interest which refers to the "current, legal and financial relationship" between the insured and subject matter of insurance a mare hope of having interest in future is not enough to be considered as insurable interest.
Other reasons for buying life-insurance could be by understanding the different people who may depend on your income, or who happen to have an insurable interest.
class="MsoNormalInsurers are now grappling with the dilemma of making sales and creating a sieve for those seeking covers to demonstrate why they would place such high premiums on relatives without demonstrating insurable interest mdash the value attached to a person/property insured.
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.
Benefits were assigned to the new owner so there is still an insurable interest in 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.