The beneficiary who would suffer loss if the event insured against occurs; without an insurable interest, an insurance company will not issue a policy. see also interest.

This is an important concept in life insurance. At the time a life insurance policy is purchased, there must be an expectation of a monetary loss by the person purchasing the insurance that would result from the death of person that is insured. The insurable interest need not necessarily exist at the time of the death of the insured. An individual has an unlimited insurable interest in his/her own life. An insurable interest may not only exist between family members, like husband and wife, parent and child, but also between business partners, creditor and debtor and employer and employees.

Relationship of condition, such that loss or destruction of life or property would cause a financial loss. In the case of property insurance, such interest must exist at the time of the loss. Insurance - Insurance is a system in which groups of people who have similar chances of suffering a loss transfer their risk of loss to an insurer who pools the risk of many people together. In exchange for payment of premium, the insurer promises to reimburse the person for their covered losses.

A beneficiary has an insurable interest in the life of the person insured if he or she has a reasonable expectation of benefit from the continuance of the insured's life or of suffering a loss if the insured should die.

To be able to insure an asset, the exporter will need to have a financial interest (insurable interest) in the asset at the time of loss

In insurance, a person exhibits an insurable interest in a potential loss if that person will suffer a genuine economic loss if the event insured against occurs. Without the presence of insurable interest, an insurance contract is not formed for a lawful purpose and, thus, is not a valid contract.

Interest of a person in the insured's continued well-being in that such person would suffer an economic or other loss (e.g., husband/wife) if the insured died.

Any economic interest in subject property that is protected against loss.

The interest one has in relation to property exposed to peril whereby one may lose financially by the loss of, or damage to, such property or may incur a liability in respect thereof. A person who effects a marine insurance contract without an insurable interest or a reasonable expectation of acquiring such interest is guilty of an offence under English law.

The interest of an owner, lessee, mortgagee or trustee which is insured against finan-cial loss in the case of specified events.

An interest of such a nature that the occurrence of the event insured against would cause financial loss to the insured. Such interests, for example, may be that of an owner, a mortgagee, a lessee or a trustee.

An insurable interest is a condition of dependence upon the life and health of a person. Everyone has an insurable interest in himself and also: • Any person on whom he depends either wholly or in part for education or support • Any person under a legal obligation to him for the payment of money, property or services, whose death or illness might delay performance or prevent payment • Any person upon whose life any estate or interest vested in him depends

(Intérêt assurable)"To make insurance policies legal and valid, the insureds must possess a sufficient interest in the insured object to involve them in a monetary loss, should the object be damaged or destroyed. Unless the insureds will suffer financially in the event of a loss, they do not have an insurable interest and are not legally entitled to insure the risk.

The proposer must have some form of financial dependency on the life assured when the contract is taken out. Where the proposer is the life assured or spouse, there is an unlimited insurable interest, otherwise the interest is limited to the value of the financial dependency. back

The principle requiring that no policy will be issued unless the policy owner and beneficiaries would be in a position to suffer a financial loss at the death of the insured. For example, an insurable interest can be based on personal relationship (one spouse is always presumed to have an insurable interest in the other) or business relationship (as in one partner on the life of another or a lender on the life of the borrower).

You have an insurable interest in the insured if upon the death of the insured you would suffer financial loss.

The principle that an insured must suffer an actual loss in order to make a claim under an insurance policy.

It gives the owner the right to insure the property, to protect himself against financial loss.Without insurable interest, the contract of insurance will be void, that is, it will not come into existence. Because of this legal requiremnet of insurable interest, insurance contracts are not gambling transactions.

A person is deemed to have an insurable interest in property when he has a lawful, substantial, economic interest in the preservation of the property. To collect under an insurance policy, an insured must have at the time of loss or damage an insurable interest in the property.

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

a relationship with a person or thing that will support the issuance of an insurance policy

The expectation of a monetary loss that can be covered by insurance.

An insurable interest is usually considered to be present if the named beneficiary of a life insurance policy will incur an economic loss upon the death of the proposed insured.

A principle requiring that no life insurance policy will be issued unless the policy owner and beneficiary would suffer a financial loss at the death of the insured.

Refers to the relationship between the insured and the beneficiary in a policy. There must be a monetary loss to the beneficiary in the event of the insured‘s death.

Generally refers to the issuance of life insurance policies. Many insurance companies require that there be a reasonable insurable interest between the person being insured and the person paying for the premiums before they will issue the policy. p 28

See owner of an insurance policy.

Evidence suggesting financial loss due to the occurrence of the event insured against.

A direct monetary interest in the insured property sufficient to result in monetary loss should the property be damaged or destroyed.

Requirements that, to be eligible to be named as a beneficiary on an insurance policy, a person must be in a position to sustain economic loss upon the death of the insured sufficient to warrant compensation.

any interest in life or property such that a policyholder would suffer loss

The beneficiary suffers loss when an insured dies

Insurable interest exists when one party has a close and/or dependent financial relationship to the other. The most common examples of insurable interest are between husband & wife, but this can extend into any situation where there is a financial dependency on a particular person.

The interest that a person or organization must have in another person in order to purchase insurance on such other person's life. In the business context, insurable interest generally exists if the policy owner applicant would suffer an economic loss by the insured's death.

The insured's financial interest in the subject matter of the insurance. A policy where the insured is without such interest is unenforceable.

A principle of insurance which states that you may only take out insurance if you would suffer a financial loss if the event covered by the policy happens. Individuals have an unlimited insurable interest in their own life and that of their husband or wife. Insurable Interest also relates to the insurance of property.

Requirement of insurance contracts that loss must be sustained by the applicant upon the death of another and it must be sufficient to warrant compensation.

Insurable interest exists when one party has a close and/or dependent financial relationship to the other. Common examples of insurable interest are those between spouses, a company on its key persons, director shareholders on the other director shareholders in a close company and anyone who is financially dependent on a particular person.

An interest in property such that damage to the property would cause the owner of the interest a financial loss; for example, the interest of a tenant or the holder of a trust deed.

Any actual, lawful and substantial economic interest in the safety or preservation of the subject of the insurance from loss or destruction or financial damage or impairment.

A financial interest in the property insured, prerequisite to a valid contract of insurance. In life insurance, a person´s or party´s interest - financial or emotional - in the continuing life of the insured. Insured - The person or firm covered by an insurance policy.

The expectation of financial loss that can be covered by an insurance policy. For example, a person might have an interest in his or her home because the loss of it could cause financial hardship. A beneficiary must have an insurable interest in the life of the insured in order to be designated a beneficiary at the time of the application.

A principle of insurance which states that someone may only take out insurance if he/she stands to suffer a financial loss from an event covered by a policy. Individuals have an unlimited insurable interest in their own life and that of their spouse.

The legal right to insure arising out of a financial relationship recognized at law between the insured and the item to be insured.

The interest, such as property or automobile, a policyholder has on a contract that will cause him financial loss if exposed to hazardous conditions.

The person who stands to lose financially in the event of a loss. For example, loss to an automobile, home, or contents.

The interest arising when a beneficiary of a policy has a reasonable expectation of benefiting from the continuance of the insured's life, or of suffering a loss at the insured's death. Policies obtained by one person on the life of another without insurable interest are not enforceable since they are considered contrary to public policy.

If the occurrence of a loss, such as destruction of a house by fire, will affect you adversely, you have an insurable interest.

Everyone has an insurable interest in themselves. One must prove an insurable interest in another person to purchase a policy on that person, such as a significant financial loss if that person should die. Insured The person or entity for which the coverage will be paid to the beneficiary upon the death of this person or entity.

Requirement of insurance contracts that the applicant upon the death of another must sustain loss and it must be sufficient to warrant compensation.

Condition in which the person applying for an insurance policy and the person who is to receive the policy benefit will suffer an emotional or financial loss if the event insured against occurs.

A legal right to a property which results in the holder of that right suffering damages in the event of the destruction of the property.

It is illegal for anyone to insure without an insurable interest or, in the case of marine insurance, a reasonable expectation of acquiring such interest. In general one has such interest when his relationship to property at risk may expose him to loss or liability where he stands to gain by the safety of such property.

An insurance principle stating that a person is legally entitled to insure something when it may be shown that they would suffer financially in the event of a loss.

A financial reliance you have on someone (such as a spouse) that can be covered by insurance. For example, you need an "insurable interest" in someone on order to buy a life insurance policy on that person's life.

Any interest in a subject of insurance or any legal relation to it of such a nature that a certain happening might cause monetary loss to the insured.

This is one of the basic principles of insurance and the main difference between insurance and gambling. The insured must stand to lose financially by an event against which he wishes to insure himself.

An interest as will make the loss of the property of pecuniary damage to the insured.

A potential for financial loss from a certain event which a person must have before acquiring insurance against that event. The event may be illustrated by the following: the destruction of property owned (in fire isurance), the incurring of legal liability for negligence in causing loss to others (in liability insurance), the compliance with law (in workers compensation insurance), the loss or impairment of human life value (in Life Insurance, disability insurance, and annuities), or expenses fortuitously incurred (in hospitalization insurance). In life insurance, the applicant of the policy must suffer a financial loss, or the loss of love and affection, by the death of the insured.

A financial interest (risk) which the insured(s) must posses at time of loss. Examples of insurable interests are lien holders, mortgagees and owners.

The likelihood that a policyholder or beneficiary of an insurance policy will suffer a genuine loss or detriment if the event insured against occurs.

A condition in which the person applying for an insurance policy and the person who is to receive the policy benefit will suffer a genuine loss or detriment if the event insured against occurs. Without the presence of insurable interest, an insurance contract is not formed for a lawful purpose and, thus, is void from the start.

The interest arising when one person has a reasonable expectation of benefiting from the continuance of another person's life or of suffering a loss at his or her death. In life insurance, a person generally is considered to have an unlimited insurable interest in himself or herself. However, a person must have an insurable interest in another person at the time of application in order to insure the other's life. Where no insurable interest exists, policies obtained by one person on the life of another are not enforceable at law since they are considered contrary to the public policy.

In property insurance an insurable interest is any financial interest based on some legal right in the preservation of the property. An exposure to a financial loss must exist for there to be an insurable interest in the occurrence of some event. In life insurance, it is usually because the insured or a beneficiary has a financial interest in the continued existence of the insured life or the expectancy of loss in the ending of the insured life. It must be present in life insurance before the contract goes into effect.

A principle of insurance that states that someone may only take out insurance if they stand to suffer a financial loss from an event covered by a policy.

A relationship between an insured person or property and the potential beneficiary of the insurance. This requirement must be present at the time the life insurance policy is applied for but doesn't need to exist at the time of the insured's death. Insurable interest exists because there is a reasonable expectation that the beneficiary will benefit from the continued life of the insured, or experience a loss at the death of the insured.

A right or relationship with regard to the subject matter of an insurance contract such that the insured will suffer financial loss from damage, loss, or destruction to that subject matter. oint-and-Last-Survivor Annuity: An annuity whose benefit payments continue until the last death among specified lives.

An interest in property of such a nature that the occurrence of the event insure4d against would cause financial loss to the insured. Such interests may be that of an Owner, a Mortgagee, a Lessee, a Trustee, etc.

A person's interest in another person's property is such that the destruction of the property would cause a financial loss to him or her. You are not allowed to insure people or property unless you have an insurable interest.

the interest from which monetary loss will result if the risk insured against occurs; possibility of financial loss that can be protected against by insurance.

"Insurable Interest" is the right of the policyholder to effect insurance, arising out of certain relationships that may exist between the policyholder and the subject matter insured. Generally speaking, if the policyholder suffers direct losses arising from the subject matter's meeting with misfortune, then Insurable Interest exists. Without Insurable Interest, insurance protection would be less speculative in nature, and not be enforceable under the law. The most common example of Insurable Interest is the ownership of property. There are many other examples, such as being an employer of workers, or a custodian of assets. Sometimes during the term of an insurance policy, the policyholder might end the relationship with the subject matter insured. If this happens, Insurable Interest ceases and the insurance over also automatically ends. A common example might be the sale of a car or a flat. The policyholder should take care to notify the insurer of such changes promptly.

Any interest a person has in property that is the subject of insurance, so that damage to this property would cause the insured a financial loss.

Insurance requires for its validity that the insured shall be so related to the subject-matter of the insurance that he will benefit from its survival or will suffer from loss or damage to it or may incur liability in respect of it. In the absence of such an interest, known as an insurable interest, the insurance will be invalid. Everyone has an insurable interest in his own life and spouses are deemed to have such an interest in the lives of each other.

A person has an insurable interest in another's life if he or she can reasonably expect to benefit from that person's continued life, and, conversely, if he or she would suffer financial loss on the person's death. This is a basic requirement of a life insurance contract without which the contract is not valid.

the principle that the insured must have an interest, usually financial, in the risk for which the policy is to be issued.

A condition where an individual or entity may suffer economic loss. Insurable interest must exist at the time of loss for a Property & Casualty policy to be valid or at time of application for a Life and Health policy to be valid.

a legally recognised interest enabling a person to insure another. The insured must be financially worse off on the death of the life assured.

An interest in a person or property that would cause one a loss if that person or property were injured. Must be present to collect from an insurance policy.

Any interest a person has in a possible subject of insurance, such as a car or home, of such a nature that a certain happening might cause him financial loss.

When a policy is purchased, the buyer must have an economic interest in the life if the insured, or a demonstrable expectation of loss upon the death of the insured. A spouse is always considered to have an insurable interest. A business partner is similarly considered to have an insurable interest based on the economic value of the partnership. Your neighbor, however, cannot but a policy on your life-even with your cooperation-unless a valid economic basis can be demonstrated. Once a policy is purchased, the policy owner is free to designate anyone he or she wishes as beneficiary. Policy ownership can be transferred after the policy had been issued, somewhat bypassing insurable interest statutes. To Top

A requirement that if you want to buy a life insurance policy on someone else's life, you must have an interest in that person remaining alive or expect emotional or financial loss from that person's death.

A principle of insurance which states that someone may only take out cover if they stands to suffer a financial loss from an event covered by the insurance policy.

A legal or equitable financial interest in property of in the happening of some event.

It is illegal for anyone to insure without an insurable interest or, in the case of marine insurance, a reasonable expectation of acquiring such interest. In general, a party has such interest when its relationship to property at risk may result in the exposure to loss or liability and where it stands to gain by the safety of the property.

the principle which requires a person effecting insurance to have a legally recognised relationship to the subject matter of the insurance.

An interest which might be damaged if the peril insured against occurs: the possibility of a financial loss to an individual which can be protected against through insurance.

A financial stake in a piece of property. You have an insurable interest when damage or destruction to the property would cause you direct financial loss.

A condition in which the person applying for insurance and the person who is to receive the policy benefit will suffer an emotional or financial loss, if any untouched event occurs. Without insurable interest, an insurance contract is invalid.

A sufficient interest in property that loss of it or damage to it would entail financial loss to the owner.

A potential beneficiary who has a vested financial interest in the life of another person and who might suffer loss upon their disability or death. Side Note: Current laws have substantiated that charitable organizations have an insurable interest in their donors and, therefore, qualify as beneficiaries of donor life insurance policies.

An interest in a person or property that would cause on a loss if that person or property were injured or ruined.

proven by love and affection, economic or financial loss. In Life and Health insurance, it is required at the time of application.

Any interest in or relation to subject matter covered by an insurance policy which would mean actual money loss to the insured if his interest were adversely affected by such an unforeseen event or circumstance, as fire, tornado, death, etc.

An interest which the insured must have in the subject matter of the insurance he buys so that if the event insured against occurs, the insured will suffer a pecuniary loss.

The relationships that may exist between parties that justify one owning life insurance on the other. A person is said to have an unlimited insurable interest in his/her own life. Generally, a person would have an insurable interest in the life of another person if he/she stood to lose financially or emotionally at the other's death. In life insurance, insurable interest must exist at the time the contract is formed.

You are only able to insure property in circumstances where you stand in some legally recognized relation thereto whereby you will benefit by the safety of the property or object or be prejudiced by it's loss. Examples of persons who have Insurable Interest are : • Owners of property/goods • Mortgages • Finance Houses • Bailees • Trustees

In relation to insurance, the law prevents people taking out an insurance contract on someone else's life (or someone else's property) unless they have an insurable interest in that life.