A lender who grants a mortgage on the security of a house has an insurable interest in that house, but only up to the amount outstanding on the loan.
42.
Until then, Texas law prohibited employers from taking out individual corporate-owned life insurance policies because employers didn't have an " insurable interest " in the lives of their employees.
43.
A person is considered to have an unlimited interest in the life of their spouse, which the law considers broadly equivalent to having an insurable interest in their own life.
44.
Exactly what constitutes an insurable interest is subject to debate, although sharing a mortgage or a bank account might qualify, depending on the state of residence or the insurance company.
45.
If an insured is premium financing a policy, and his direct blood relatives are named as the beneficiaries when the policy is issued, then insurable interest is never an issue.
46.
He said the existing law on what constitutes insurable interest was " cloudy " and he wanted to establish way to create an insurable interest that would not be ambiguous.
47.
He said the existing law on what constitutes insurable interest was " cloudy " and he wanted to establish way to create an insurable interest that would not be ambiguous.
48.
A person is presumed to have an insurable interest in his or her own life, preferring to be alive and in good health rather than being sick, injured or dead.
49.
The agents should see to it that every player with a substantial future is covered not only for his present contract but for whatever his insurable interest is for the future.
50.
So in the case of a bank it could be said to have an insurable interest in the lives of its members who hold a deposit or have taken a loan.
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