\ɪnʃˈʊ͡əɹəbə͡l ˈɪntɹəst], \ɪnʃˈʊəɹəbəl ˈɪntɹəst], \ɪ_n_ʃ_ˈʊə_ɹ_ə_b_əl ˈɪ_n_t_ɹ_ə_s_t]\
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By Princeton University
A condition existing between the beneficiary and the holder of a life-insurance policy according to which the former naturally desires that the latter shall live. Such a condition holds in the case of husband and wife or those of near kindred, of employer and employee, of partners in business, etc. A beneficiary who has no insurable interest in the life of the insured, cannot recover the amount of the policy in case of the death of the latter. In Canada the law provides that if the insured pays the premiums the beneficiary can recover the amount of the policy, even if he have no insurable interest.
By Stedman, Thomas Lathrop
Word of the day
- (1732-1796), a famous astronomer, member Committee Safety in 1776 and treasurer Pennsylvania from 1777 to 1789. He was director of the U.S. mint 1792 1795.