insurable interest in property
- insurable interest in property
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An interest in property to the extent that the owner of the interest derives a benefit from the existence of the property and will suffer a loss from its destruction. 29 Am J Rev ed Ins § 438. Any interest in property or any relation thereto or liability in respect thereof which is of such a nature that a contemplated peril might directly cause the insured a loss. Farmer's Union Mut. Protective Asso. v San Luis State Bank, 86 Colo 293, 281 P 366, 66 ALR 1166.
It is not necessary, to constitute an insurable interest, that the interest be such that the event insured against would necessarily subject the insured to loss; it is sufficient that it might do so and that pecuniary injury would be the natural consequence. Rogers v Lumbermen 's Mut. Casualty Co. 271 Ala 348, 124 So 2d 70; United States Fidelity & Guaranty Co. v Reagan, 256 NC 1, 122 SE2d 774.
A property or estate, legal or equitable, in the thing insured is not essential to an "insurable interest," which term is more extensive than property or estate and includes a qualified or limited interest in, or a reasonable expectation of legitimate profit or pecuniary benefit from the continued existence of, the subject of insurance. North British & M. Ins. Co. v Sciandra, 256 Ala 409, 54 So 2d 764, 27 ALR2d 1047; American Indem. Co. v Southern Missionary College, 195 Tenn 513, 260 SW2d 269, 39 ALR2d 714.
Ballentine's law dictionary.
Anderson, W.S..
1998.
Look at other dictionaries:
insurable interest — see interest 1 Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. insurable interest … Law dictionary
Insurable interest — A person has an insurable interest in something when loss or damage to it would cause that person to suffer a financial loss or certain other kinds of losses. For example, if the house you own is damaged by fire, the value of your house has been… … Wikipedia
insurable interest — The legal right to enter into an insurance contract. A person is said to have an insurable interest if the event insured against could cause that person a financial loss. For example, anyone may insure their own property as they would incur a… … Big dictionary of business and management
insurable interest — Such a real and substantial interest in specific property as will prevent a contract to indemnify the person interested against its loss from being a mere wager policy. Such an interest as will make the loss of the property of pecuniary damage to … Black's law dictionary
insurable interest — Such a real and substantial interest in specific property as will prevent a contract to indemnify the person interested against its loss from being a mere wager policy. Such an interest as will make the loss of the property of pecuniary damage to … Black's law dictionary
interest in property — In the broader sense of the term, ownership of a particular property, whether of the full or a lesser interest. More precisely, a right in or to property which is less than ownership or title, 29A Am J Rev ed Ins § 825. A right less than an… … Ballentine's law dictionary
insurable interest — An insurance term referring to the relationship between a policy s insured person or property and the potential beneficiary. The beneficiary must have an insurable interest in the insured person or property to receive payment of the policy if the … Financial and business terms
insurable interest in liability — The interest that the insured has in the possibility of death of or injury to third persons, or of the destruction of or injury to the property of third persons, which may be the basis of a liability established against him or, at least, of suits … Ballentine's law dictionary
assignment of insurable interest — Assigning to another party the rights and obligations of the insurable interest in an item of property, life, or a legal liability to be insured. This enables the person to whom the interest is assigned to arrange insurance cover, which would not … Big dictionary of business and management
interest — in·ter·est / in trəst; in tə rəst, ˌrest/ n [probably alteration of earlier interesse, from Anglo French, from Medieval Latin, from Latin, to be between, make a difference, concern, from inter between, among + esse to be] 1: a right, title, claim … Law dictionary
