A. Insurable Interest
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Insurable Interest is not required of
beneficiaries
Insurable Interest must exist
at the time of the application.
A valid insurable interest may exist between the policyowner and the insured when the policy is insuring any of the following:
1.) Policyowner's own life; 2.) The life of a family member ( a spouse or blood); 3.) The life of a business partner, key employee, or someone who has a financial obligation to the policy owner such as debtor to a creditor.
Insurable Intrest
to purchase insurance, the policy owner must face the possibility of losing money or something of value in the event of loss.