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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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