Legal Definition and Related Resources of Insurable Interest

Any interest which would be recognized by a court of law or equity . An insurable interest is not confined to a strict legal right of property . It is such interest that furnishes reasonable expectation of pecuniary benefit from continued existence of the subject of the insurance . A person is also said to have an insurable interest in property if he will suffer pecuniary loss or damage from its destruction, termination or injury by the happening of the event insured against. In the context of life insurance , one may have an insurable interest in the life of another person where such interest in another person is a lawful and substantial economic interest in the life of the insured being continued, as distinguished from an interest arising only by or being enhanced in value by the death of the insured. See Washington state public Emp. Bd. v Cook, 559 P.2d 991, 88 Wash.2d200.

Such an interest in a subject of insurance as will entitle the person possessing it to obtain insurance. In the law of fire insurance, an insurable interest may be defined as such an interest as would entail a pecuniary loss were the , property destroyed. 62 N. Y. 47. In the law of life insurance, an insurable interest in the life of another is such a relation that the death of such person would entail pecuniary loss. Any relationship resulting in dependence, or giving a right to service or support, gives an insurable interest to the person benefited. 12 Mass. 115; 57 Vt. 496; 66 Mo. 63. A creditor has an insurable interest in the life of his debtor. 23 Conn. 244.

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Insurable Interest in Historical Law

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Search for legal acronyms and/or abbreviations containing Insurable Interest in the Legal Abbreviations and Acronyms Dictionary.

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This definition of Insurable Interest is based on the The Cyclopedic Law Dictionary . This entry needs to be proofread.

Vocabularies (Semantic Web Information)

Concept of Insurable Interest in the context of Real Property

A short definition of Insurable Interest: Concerning real property, an interest which, if terminated, destroyed, or in any other way interfered with, would cause a financial loss to the holder of the interest. May be a mortgagee, owner, lessee, etc.

Concept of Insurable Interest in the context of Real Property

A short definition of Insurable Interest: Concerning real property, an interest which, if terminated, destroyed, or in any other way interfered with, would cause a financial loss to the holder of the interest. May be a mortgagee, owner, lessee, etc.