INSURABLE INTEREST • FREE TRANSLATOR.ORG • Definition of Insurable interest

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Insurable interest

noun

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.

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Etymology of 'Insurable interest'

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"Insurable interest" Quotes from Famous Books

... cargo itself was also insured in London) the war clause should be inserted? and, 2nd—why Davidson should make the policy payable to himself? If he advanced this freight money on the credit of the London house, he had no insurable interest in it; and if the lumber really belonged to the London house, and was going to their partners or agents at the port of delivery, why should Davidson pay the freight in advance at all? And if Snyder purchased the lumber of Davidson, why should Snyder ...

— The Cruise of the Alabama and the Sumter • Raphael Semmes

... governed by the law of New York with respect to rights of assignees, rather than by the law of Texas, (2) whether the public policy of Texas permits recovery by one named beneficiary who has no beneficial interest in the life of the insured, and (3) whether lack of insurable interest becomes material when the insurer acknowledges liability and pays the money into court, were questions of Texas law, to be decided ...

— The Constitution of the United States of America: Analysis and Interpretation • Edward Corwin