For example, people have insurable interests in their own homes and vehicles, but not in their neighbors'homes and vehicles, and certainly not those of strangers.
32.
In doing so, the court rejected the " Macaura " principle that limited an insurable interest to those having legal or equitable title to an asset.
33.
Often there is no requirement today that the beneficiary have a proven insurable interest in the life of the insured when the insured has purchased the insurance.
34.
If the insured does not have an insurable interest in the object, the contract will be void and unenforceable, and regarded essentially as a gamble or wager.
35.
Atlas said that even though Camelot didn't have an insurable interest in their lives, she didn't have the power to convert the ownership to the individual employees.
36.
Accordingly, the Act introduced into English law for the first time the requirement of an " insurable interest " in the subject matter of a policy of insurance.
37.
As we have seen, South Africa formally imported the doctrine of insurable interest from England, but in 1977 the legislature repealed the colonial ordinances which had achieved this.
38.
When a company well-versed in insurance codes comes to Hartford to buy COLI policies, Hartford doesn't pay attention to whether " insurable interest " needs to apply, said Chasnoff.
39.
He said he plans to either return to the old standards on insurable interest or tighten up the rules to ensure that employees aren't forced to consent under duress.
40.
In the 1980s, insurers convinced regulators in most states that employers have an " insurable interest " in rank-and-file workers and began pushing broad-based COLI as a tax shelter.
