Insurable Interest

What constitutes insurable interest in life and health insurance

Every person has an insurable interest in the life and health of:[1]

  1. Himself, of his spouse, and of his children;[2]
  2. Any person on whom he depends wholly or in part for education or support, or in whom he has a pecuniary interest;[3]
  3. 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;[4] and
  4. Any person upon whose life any estate or interest vested in him depends.[5]

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