Definitions from Black's Law Dictionary: 2nd Edition and Ballentine's Law Dictionary as are available for each term in each dictionary.
  • Ballentine's Law Dictionary

    Any interest in property which would be recognized in a court of law or equity. See 31 Iowa, 464, 7 Am. Rep. 160.

  • Black's Law Dictionary: 2nd Edition

    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. 614, 30 South. 876; 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. 516. If the assured had no 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 insurable interest Civil Code, Cal. ยง 2546. In the case of life insurance, a reasonable expectation of pecuniary benefit from the continued life of another; a reasonable ground, founded upon the relation of the parties to each other, either pecuniary or of blood or affinity, to expect some benefit or advantage from the continuance of the life of the assured. Insurance Co. v. Schaefer, 94 U. S. 460, 24 L. Ed. 251; Warnock v. Davis, 104 U. S. 779, 26 In Ed. 924; Rombach v. Insurance Ch, 35 La. Ann. 234, 48 Am. Rep. 239.