Insurable interest
All glossary terms
Insurable interest is a financial stake in the person or property insured, such that the policyholder would suffer a real economic loss if the covered event occurred. In property insurance it must generally exist at the time of loss.
From Insurance Terms and Related Concepts, Risk, hazard, peril, and the basis of insurance
A financial stake in the property such that the person would suffer loss if it were damaged, required for a valid claim.
From Policy Provisions and Contract Law, F. Definition of the insured