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In general, insurable interest refers to the concept that the insured must have a "stake" in the property or interest insured in order to insure it. Stated otherwise, it is a characteristic that distinguishes insurance from a wagering contract.
With respect to medical insurance or life insurance, one always has an insurable interest in oneself. A business partner, for example, may also have an insurable interest supportant to support a life insurance policy on the other party; if the other party dies, there may be a financial loss, and that is the key.
As to liability insurance, one would have an insurable interest if he/she/it stands to lose financially were a third party to make a claim for a covered loss.
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Underwriting process calls for the applicant to be able to prove an insurable interest?
At the time of Application
Can you take out a life insurance policy on anyone?
No, you must have an "Insurable Interest" and if they are not minors they must sign the application.
How do you obtain life insurance on another person?
Is the person willing to sign and complete the application? Do you have an insurable interest? Child Support? Loan? Here's a specialty product if they won't sign the application, but you have an insurable interest http://www.piu.org/pdf/Confidential%20Life%20501.pdf For more info see www.steveshorr.com/life.htm
Can you get life insurance on your mother?
Yes, you can get life insurance on your mother. A child and mother have insurable interest in each other. Insurable interest is required in order to purchase life insurance on another person. Spouse have insurable interest, siblings, and parents-and-children. Your mother may need to answer some health questions, sign a life insurance application, and take a physical exam to qualify for life insurance.
With a life insurance policy when must an insurable interest exist?
An insurable interest must exist at the inception (beginning) of the policy.
Can you insure ex wife and current wife in NJ?
Will they sign the application and take the physical? Is there Insurable Interest for your X wife? Is she taking care of the kids?
When must an Insurable interest exist for a property insurance policy?
Insurable interest must exist at inception of the policy cover and at the time of the loss.
When does insurable interest stop with a child?
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What is meant by the term insurable interest?
"Insurable interest" refers to a situation whereby one derives some kind of benefit from the existence or survival of another object or person. For example, one has insurable interest in one's house or car, but not that of one's distant relatives.
Can you take out life insurance on another person?
Yes, as long as they are willing to sign the application. Or, if a minor and some insurance carriers, as long as you have insurable interest. 4lifeguild
Insurable interest is a legal right to insurer discurse?
insurable intrest is a legal right to insurer? discurse.
Can you get life insurance for your child's father if you are not married?
Yes you can. To get insurance, insurance companies, want to see an "insurable interest." Since he is the father of your child, you have an insurable interest on him.
