Insurable interest definition

Insurable interest as used in this section means any actual, lawful, and substantial economic interest in the safety or preservation of the subject of the insurance free from loss, destruction, or pecuniary damage or impairment.

Insurable interest has the same meaning as the term “share” in the applicable eligible crop insurance contract.

Insurable interest as to such personal insurance means that every individual has an insurable interest in the individual's own life, body, and health, and that a person has an insurable interest in other individuals as follows:

Examples of Insurable interest in a sentence

• Insurable interest Notwithstanding any other law relating to insurance, a strata company shall, for the purpose of effecting any insurance entered into pursuant to this Division, be deemed to have an insurable interest in the subject matter of that insurance.

• In case of death when the policy is in paid up status, paid up value is paid as specified in Part II sub section 3B.On death of the Policyholder during the minority of the Life Insured, any other person having Insurable interest may succeed the erstwhile Policyholder.

• PERFORMANCE 554.2501 Insurable interest in goods — manner of identification of goods.

• Insurable interest is a person’s legally recognised relationship to the subject matter of insurance that gives them the right to effect insurance on it.

• Insurable interest between the joint lives will be considered before providing the cover.

More Definitions of Insurable interest

Insurable interest has the same meaning as the term “share” in the applicable eligible livestock price insurance contract.

Insurable interest in property or liability means any lawful and substantial economic interest in the nonoccurrence of the event insured against.

Insurable interest as to personal insurance means that any individual has an insurable interest in the life, body and health of himself, and of other persons as follows:

Insurable interest in a person means the following, including a circumstance described in Subsection (3):

Insurable interest means a legitimate need of protection from the consequences of an insured event.

Insurable interest means any actual, lawful, and substantial economic interest in the safety or preservation of the subject of the insurance free from loss, destruction, or pecuniary damage or impairment. Contracts of insurance of property or of any interest in or arising from property are only enforceable for the benefit of those who have an insurable interest in the things insured at the time of the loss.

Insurable interest means a relationship to the insured at the time of application as defined in RCW 48.18.- 030 and 48.18.060(2).