An insurable interest in property may consist in:
1. An existing interest;
2. An inchoate interest founded on an existing interest; or,
3. An expectancy, coupled with an existing interest in that out of which the expectancy arises.
Cal. Ins. Code § 282
Insurable Interest: Generally
Applied in 2 court decisions — leading case 48 Cal. App. 4th 1076 - O'Connor v. Old Republic Surety Co. (1996)
Most recently applied in 48 Cal. App. 4th 1076 - O'Connor v. Old Republic Surety Co. (August 1996)
Enacted by Stats. 1935, Ch. 145.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.