insurable interest

World English Dictionary
insurable interest
 
n
law a financial or other interest in the life or property covered by an insurance contract, without which the contract cannot be enforced

Collins English Dictionary - Complete & Unabridged 10th Edition
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WordNet
insurable interest

noun
an interest in a person or thing that will support the issuance of an insurance policy; an interest in the survival of the insured or in the preservation of the thing that is insured 
WordNet® 3.0, © 2006 by Princeton University.
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