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critiqued the insurable interest doctrine at all, they have merely
Thornton, Insurable Interest in Property: A Socio-Economic
In order to be entitled to indemnity under such an insurance contract, the insured must have an insurable interest in the property.
The court here found that a court order requiring the ex-husband to cooperate in his ex-wife's attempts to obtain the insurance was not sufficient to create an insurable interest over the objection of the person to be insured.
Summarizing the above, an insurable risk must be capable of financial measurement, pure and particular.
Part III examines the sections of the 2009 amendment relating to insurable interest, the insured's duty of disclosure, the interpretation of contractual clauses, double insurance, and insurance fraud.
The transaction itself is legal if, at inception, the individual procuring the policy has insurable interests and does not have a pre-negotiated agreement to immediately transfer ownership.
The variety of state laws and likely changes to these laws make it imperative that specific state statutes be consulted prior to making gifts of life insurance and premiums, or having a charitable organization apply for life insurance (for an expanded discussion of insurable interest, see page 447).
Part II explains the requirement of an insurable interest and how such a requirement relates to an insurance contract.
Find out what your property is realy worth with an insurable replacement cost analysis today.
2) No person shall procure or cause to be procured, directly or by assignment or otherwise any contract of insurance upon the person of another unless the benefits under such contract are payable to the person insured or his personal representatives, or to a person having, at the time when such contract is made, an insurable interest in the person insured.