insurable

[ in-shoor-uh-buhl, -shur- ]

/ ɪnˈʃʊər ə bəl, -ˈʃɜr- /

capable of being or proper to be insured, as against loss or harm.

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You may have read the word "simmer" in a recipe or two, but what does it really mean?

First recorded in 1800–10; insure + -able

in·sur·a·bil·i·ty, nounun·in·sur·a·bil·i·ty, nounun·in·sur·a·ble, adjective

It is well settled that a creditor has an insurable interest in the life of his debtor.
Commercial Law|Samuel Williston, Richard D. Currier, and Richard W. Hill
"No man's life is insurable in these troublesome times, with our troops right now down in Mexico," a suave Southern trader urged.
Vanguards of the Plains|Margaret McCarter
An assignment to one who has an insurable interest as relative, creditor and the like, is always valid.
Putnam's Handy Law Book for the Layman|Albert Sidney Bolles
Insurable interest can only be described, it cannot exactly be defined.
Cyclopedia of Commerce, Accountancy, Business Administration, v. 3|Various

Some things have been decided by the courts to constitute an insurable interest.
Cyclopedia of Commerce, Accountancy, Business Administration, v. 3|Various