INSURABLE INTEREST

no comments

Such an interest in a subject of insurance as will entitle the person possessing it to obtain insurance. It is essential to the contract of insurance, as distinguished from a wager policy, that the assured should have a legally recognizable interest in the insured subject, the pecuniary value of which may be appreciated and computed or valued. It is also essential to the contract that the insurer incur a risk in the underwriting venture.