insurable interest

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  • noun

Words related to insurable interest

an interest in a person or thing that will support the issuance of an insurance policy

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References in periodicals archive ?
much willful indifference to insurable interest requirements as
State law: The parties agree that Colorado law governs the question whether A has an insurable interest in the employees covered by the P policies.
Interests akin to a pure wager or speculative bet, moreover, fail to qualify as insurable interests.
Both the appellate court and the Supreme Court found that most states have permitted a decedent's representative to maintain an action against an insurer for wrongful issuance of a life policy where (1) the insurer knew or should have known that the person obtaining the policy had no insurable interest in the life insured; (2) the insurer knew that the person insured had no knowledge of the policy and did not consent to its issuance; or (3) the insurer had actual knowledge of the beneficiary's intent to commit murder and failed to take action.
Being the registered owner of the vehicle does not automatically give you an insurable interest for insurance purposes.
By the close of the 1992 legislative session, the state insurance code had been amended to clearly allow a trust to have an insurable interest in its insured's lives.
Chapter 2 sets forth some basic premises of the contract of marine insurance, such as insurable interest, relationship to terms of sale, stipulation of insurable value, warranties, duration of risk, and premiums.
This is usually the final buyer, who obviously has an insurable interest in the goods and is in most cases the claimant if there is any loss or damage to the shipment.
The object of this contract insuring the vehicle fleet owned by the Cabildo de Tenerife, listed in Annex I of the specifications, as well as those on which has an insurable interest and duly notified to the insurer.
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.
LOS ANGELES, May 18, 2011 /PRNewswire/ -- The California Court of Appeals recently rejected as a matter of law an insurance company's attempt to rescind $20 million worth of life insurance coverage, holding that two insurance policies issued by the Lincoln Life & Annuity Company of New York were supported by an insurable interest at their inception.
Under-insured THIS is the gap between any insurance, for example home insurance or life insurance, and the insurable interest (the value of the insured item).
This past November, New York's highest court ruled that stranger-owned life insurance, called STOLI, does not violate New York's insurable interest law if the insured is the applicant for the policy.
The people he insured, however, admitted they had no insurable interest in the crop he insured.