What is INSURABLE INTEREST?

Such a real and substantial interest in specific property as will sustain a contract to indemnify the person interested against its loss. Mutual F. Ins. Co. v. Wagner (Pa.) 7 Atl. 104; Insurance Co. v. Brooks, 131 Ala. 014, 30 South. 870; Berry v. Insurance Co., 132 N. Y. 49, 30 N. E. 254, 28 Am. St. Rep. 548; Strong v. Insurance Co., 10 Pick. (Mass.) 43, 20 Am. Dec. 507; Insurance Co. v. Winsmore, 124 Pa. 61, 16 Atl. 510. If the assured had no BL.LAw DICT.(2D ED.)-41 real interest, the contract would be a mere wager policy. Every interest in property, or any relation thereto, or liability in respect thereof, of such a nature that a contemplated peril might directly damnify the insured, is an in- surable interest. Civil Code, Cal.

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