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Insurable Interest

When an insured person derives a financial benefit from the existence of an insured object or person, it is known as insurable interest. In this situation, any damage to the insured person or object can affect this insurable interest by causing a financial loss. There are many ways an insurable interest can be established: by possession, ownership or a direct relationship. Listed below are a few questions answered by the Experts on issues relating to insurable interest.

Can a child have an insurable interest in a parent?

Yes, a child generally has an insurable interest in their parents. An insurable interest is usually determined by the fact that the person would suffer from a financial loss if the insured were to die. Therefore, a minor child could stand to lose the support of their parents if they were to become disabled or die.

In the State of Kansas, can an adult child get an insurance policy taken by their parent canceled so that the parent does not have insurable interest in the child?

Typically, in the State of Kansas, if the parent bought the insurance policy when the adult child was younger and paid all the required premiums, the child may not be able to get the policy canceled. For more information on insurable interest, visit: http://kansasstatutes.lesterama.org/Chapter_40/Article_4/#40-450

If a divorced person has a child support order that their ex owes on, can this person get a life insurance policy on the ex to get the payment for the child support?

Based on the facts of the case, the divorced person would have an insurable interest in their ex based on the child support payments due and can, therefore, invest in a life insurance policy. As long as the ex-spouse knows about the insurance policy, as well as passes the physical, there is no law at this time that can stop the purchase of the policy.

If a married couple has separate insurance policies and one spouse wants to cancel their policy against the will of the other spouse who actually owns the policy, can they still do this?

As long as the policy holder pays the premium, they do not have to cancel the policy just because the other spouse wants to do so. As long as the couple remains married, the spouses would have an insurable interest in each other e. However, if the couple were to get divorced, the policy holder can, typically, only keep the policy if they still have an insurable interest in their ex-spouse.

There are many rules that govern insurable interest. While the questions above may have answered some of your own questions on the issue, there could be many others that are more specific to your case. These could vary from understanding the different kinds of insurable interest that exist to knowing exactly what a beneficiary of insurable interest is entitled to. Direct these to Experts on JustAnswer who can offer professional opinions and insights both quickly and at an affordable cost.

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Tina, Lawyer
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Recent Insurable Interest Questions

  • Insurance company troubles, incorrect billing and no insurable

    Insurance company troubles, incorrect billing and no insurable interest.
    Background:
    Father passed in FEB. Step mom (SM) passed in 2011. SM had title to house. After her passing it was discovered that two children arranged a living trust. House was held by trust allowing him use. He started paying the home owners insurance after her passing. After his passing the house was sold by the trust. All proceeds went to her children.
    Travelers insurance collected 2+ years of payments I want back. If the house was damaged they would have paid the trust, or not at all as dad had no insurable interest. Also after his passing they reassigned his debt and bill to me for some reason. I also have no insurable interest in the property.
    Questions:
    How can I get contact info for the legal department of travelers insurance?
    How can I help travelers to choose to bill the trust who had the insurable interest?
    Can I recoup the payments dad made?
  • A foundation whose mission statement is to help support Christian

    A foundation whose mission statement is to help support Christian Churches financially across the nation would like to provide individual term life insurance to the congregational members of these various churches that it helps support.
    Does the foundation have insurable interest to hold the policies of the individuals it insures?
    Beneficiaries of the policy would be threefold; the individual's chosen family member, the church to which the individual attends, and the aforementioned foundation.
  • my mom in law has her name on my car loan. we had a verbal

    my mom in law has her name on my car loan. we had a verbal agreement that I would make the monthly payment, pay for the up keep and registration. When the car is full paid off that she would turn the title in my name as the owner. Now with 12 payment away she is telling me I have to have the 12 payment made in 3 months or I have to turn the plates in to the DMV. She states she longer wants to carry the car insurance policy in her name. 1) if there is a lean on the car per loan agreement she has to carry insurance on it till the car is paid off, correct? 2) if she has paid off the car and there is no lean on it can she add me as co-owner to the title? Then can I legally get the insurance policy in my name? feeling not safe with our verbal agreement how can i write and what do I write in a written contract with her now?

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