knowledge that it clearly contains no insurable interest
, the insurer
Hence, insurable interest
is vital element to have insurance policy in all regimes.
In order to be entitled to indemnity under such an insurance contract, the insured must have an insurable interest
in the property.
is a key principle in life insurance law.
In order to take out an insurance policy on someone's life, there must be some form of "insurable interest
", or some reason why you might be worse off in the event of their death.
The beginning of the end for STOLI came in December of 2005, when the New York State Insurance Department released a General Counsel Opinion that STOLI-type arrangements violated insurable interest
A Kansas district court ruled that an ex-spouse did not have an insurable interest
in the life of her former husband because he objected to her attempts to obtain life insurance on his life pursuant to a court order, and that obtaining this insurance against his will was against public policy.
That particular stocks/property will be taken to determine the value at risk for which the insured has an insurable interest
at the time of entering in to contract of insurance as well as at the time of loss.
In particular, this Article focuses on the amendments relating to insurable interest
, the insured's duty of disclosure, interpretation of contractual clauses, double insurance, and insurance fraud.
Farmers buying the policies must certify in their policy applications, which also are signed by the agents, that they have a valid insurable interest
in the insured crop.
The people he insured, however, admitted they had no insurable interest
in the crop he insured.
Because of this risk, owners are said to have an insurable interest
that can be shifted to another entity for consideration.