insurable interest

A legal interest in another person’s life or health or in the protection of property from injury, loss, destruction, or pecuniary damage.

• To take out an insurance policy, the purchaser or the potential insured’s beneficiary must have an insurable interest. If a policy does not have an insurable interest as its basis, it will usu. be considered a form of wagering and thus be held unenforceable. See wager policy under INSURANCE POLICY. [Cases: Insurance 1779–1795. C.J.S. Insurance §§ 218–231, 233–252.]

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词条贡献者

法律翻译Jack，毕业于一所旨在培养高级翻译专业人才的翻译院校，专注翻译各类与重大诉讼案件有关的法律文件。