insurable interest

noun

1. law a financial or other interest in the life or property covered by an insurance contract, without which the contract cannot be enforced

Example Sentences

A partner who has advanced the capital of the business has an insurable interest in the life of his partner.

From Project Gutenberg

An assignment to one who has an insurable interest as relative, creditor and the like, is always valid.

From Project Gutenberg

Likewise a man and a woman who are engaged to be married; and a creditor has an insurable interest in the life of his debtor.

From Project Gutenberg

Insurable interest can only be described, it cannot exactly be defined.

From Project Gutenberg

But the interest might have made the voyage in the vessel, and the intending insured might yet remain without insurable interest.

From Project Gutenberg