11. Typically, insurable interest is established by ownership, possession, or direct relationship. 12. Nor is insurable interest recognized for cohabiting couples. 13. Insurable interest either exists when a policy is issued, or it does not.14. Insurable damage caused by the fire was estimated at over C $ 700 million.15. The purpose of the requirement of insurable interest is to distinguish insurance from wagering. 16. But this is not an insurable situation. 17. Insurable interest is no longer strictly an element of life insurance contracts under modern law.18. Under that plan, the government next year would pay 80 percent of the insurable losses. 19. Old equipment may not be insurable . 20. This status is granted by CMHC and allows True North Mortgage to underwrite insurable mortgage files.
