Absolnte or conditional

That is an absolute interest in property which is so completely vested in the individual that he can by no contingency be deprived of it without his own consent. So, too, he is the owner of such absolute interest who must necessarily sustain the loss if the property is destroyed. The terms "interest" and "title" are not synonymous. A mortgagor in possession, and a purchaser holding under a deed defectively executed, have, both of them, absolute, as well as insurable, interests in the property, though neither of them has the legal title. "Absolute" is here synonymous with "vested," and is used in contradistinction to contingent or conditionai. Hough v. City F. Ins. Co., 29 Co.nn. lO, 76 Am. Dec. 581; Garver v. Hawkeye Ins. Co., 69 Iowa, 202. 28 N. W. 556; Washington F. Ins. Co. v. Kelly, 32 Md. 421, 431, 3 Am. Rep. 149; Elliott v. Ashland Mut. F. Ins. Co., 117 Pa. 548, 12 Ail. 676, 2 Am. St. Rep. 703 ; Williams v, Buffalo German Ins. Co. (C. C) 17 Fed. 63.

Defined under Interest in Black's Law Dictionary.