What constitutes insurable interest in life and health insurance
Every person has an insurable interest in the life and health of:
- Himself, of his spouse, and of his children;
- Any person on whom he depends wholly or in part for education or support, or in whom he has a pecuniary interest;
- Any person under a legal obligation to him for the payment of money, or respecting property or services, of which death or illness might delay or prevent the performance; and
- Any person upon whose life any estate or interest vested in him depends.