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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Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc.
References in periodicals archive ?
aggressively courts apply the insurable interest doctrine, the higher
STOLI policies run afoul of New Jersey's insurable interest requirement, the ruling said, and "would elevate form over substance to conclude that feigned compliance with the insurable interest statute--as technically exists at the outset of a STOLI transaction--satisfies the law.
Court of Appeals that the person having insurable interest thereof merely has the burden of proving the condition of the property insured and the fact of loss or damage during the period of the policy.
There are different rules apply to different classes of insurance about existence of insurable interest.
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.
The insured's owned the property when the damage occurred, so they had insurable interest at the time, and they gave prompt notice as is required by the policy.
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.
A typical life insurance policy should explain the need for an insurable interest by the policyowner in the life of the insured.
My boyfriend and I are in the process of buying our first house, and wanted to take out life assurance on each other's lives in case either of us were to die, but were told that "insurable interest" might be a problem.
To maintain insurance, the benefactor must have and maintain an "insurable interest" in the life of the person being insured.
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,
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.