Question

when is insurable interest required in an life insurance contract​

Answer 1

Insurable interest is present in life insurance when an individual receives a financial or another type of benefit from the continued existence of the person insured. Thus, if the person insured were to pass away, the surviving person would experience a financial loss or other hardship.

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Answer 2

Answer:

Insurable interest is the basis of all insurance policies. Insurable interest can be an object which, if damaged or destroyed, would result in financial hardship for the policyholder. To exercise insurable interest, the policyholder would buy insurance on the item or entity in question.