a financial or other interest in the life or property covered by an insurance contract, without which the contract cannot be enforced
insurable interest in Insurance
(ɪnʃʊərəbəl ɪntrɪst)
noun
(Insurance: General)
If a person has an insurable interest in the life or property covered by an insurance contract, they would suffer financial loss if the thing insured were damaged or destroyed.
In property insurance, the beneficiary is required to have an insurable interest in the property insured.
You may not take out insurance on an object or a life in which you have no insurable interest.
If a person has an insurable interest in the life or property covered by an insurance contract, they would suffer financialloss if the thing insured were damaged or destroyed.