insurable interest


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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 ?
USAA contended that Tracy did not have an insurable interest in the plants.
While donating a piece or all of one's insurable interest may not appeal to every parent, some will see it as a way to do more for their kids than they dreamed possible.
Benefits were assigned to the new owner so there is still an insurable interest in the house.
15, 2016), the Michigan Court of Appeals was asked to determine who was entitled to recover under a policy and what is an insurable interest.
The court found no significance in the mere status of cohabitation, reasoning that if an insurer can define "an insured" as including a large population of the public (such as all persons inhabiting a large apartment complex on the basis of cohabitation) without regard to insurable interest, it would defeat the public policy behind requiring mandatory automobile insurance liability and undermine financial responsibility' laws.
There's clearly an insurable interest for things like taking care of the parents' debts, final expenses and estate tax," says Ray Benton, a Denver-based advisor for Lincoln Financial Group.
The beginning of the end for STOLI came in December of 2005, when the New York State Insurance Department released a General Counsel Opinion that STOLI-type arrangements violated insurable interest laws.
A Kansas district court ruled that an ex-spouse did not have an insurable interest in the life of her former husband because he objected to her attempts to obtain life insurance on his life pursuant to a court order, and that obtaining this insurance against his will was against public policy.
That particular stocks/property will be taken to determine the value at risk for which the insured has an insurable interest at the time of entering in to contract of insurance as well as at the time of loss.
In particular, this Article focuses on the amendments relating to insurable interest, the insured's duty of disclosure, interpretation of contractual clauses, double insurance, and insurance fraud.
Farmers buying the policies must certify in their policy applications, which also are signed by the agents, that they have a valid insurable interest in the insured crop.
The people he insured, however, admitted they had no insurable interest in the crop he insured.
Life settlements are often mentioned in the same breath as stranger-originated life insurance (STOLI), in which a third party takes out a life insurance policy on a person that they usually don't have an insurable interest in.
STOLI deals are not to be confused with legitimate viatical settlement arrangements where there was a genuine insurable interest at the time the policy was purchased and the policy was intended to provide benefits to the beneficiary if the insured died.
This will, of course, be subject to insurable interest and other applicable underwriting norms of the respective insurers.