29.1522 Insurable interest-Generally.

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(a) Every interest in property, or any relation thereto, or any liability in respect thereto, of such a nature that a contemplated peril might directly damage the insured, is an insurable interest. A mere contingent or expectant interest in anything, not founded upon an actual right to or in the thing, nor upon any valid contract for it, is not insurable.

(b) Every person has an insurable interest in the life and health of:

(1) himself;

(2) any person upon whom he depends wholly or in part for education or support;

(3) any person under a legal obligation to him for the payment of money or respecting property or services, or whose death or illness might delay or prevent performance;

(4) any person upon whose life any estate or interest vested in him depends.

(c) If the insured has no insurable interest, the contract is void.

History: 1974, PL 13-58 § 1.