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insurable interest |
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Insurable interest An insurance term referring to the relationship between a policy's insured person or property and the potential beneficiary. The beneficiary must have an insurable interest in the insured person or property to receive payment of the policy if the insured died while the policy was in force. insurable interest A right or interest in property or in the life of another that would cause the person to suffer a monetary loss if injury came to the property or to the other person. One must have an insurable interest in order to buy insurance, because the insurance is intended to compensate one for a loss. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| Insurable interest basically means you have a vested interest or reason to take life insurance out on a given person. The Department pointed out that the proposed legislation specifically prohibits life settlement providers and brokers from engaging in "stranger-owned life insurance" ("STOLI"), a practice in which "a life insurance policy is purchased for the benefit of someone, who at the time of policy issuance, has no insurable interest in the life of the insured individual. Arizona's law prohibits intentionally initiating a life insurance policy for a person or entity without an insurable interest in his or her life at the time of the policy's origination. |
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