What is the insurable interest
Many people often ask the question "what is insurable interest and why is it a must have when buying a life insurance policy? "The purpose of life insurance policies, everyone is deemed to have an insurable interest in their own lives and the lives of their spouses and dependents. For life insurance, the interest must exist at time of subscription. trading partners can have an insurable interest in the other. a company may have an interest in the lives of its employees, especially key employees.
However, insurable interest must exist at the time of subscription. This means that people can sell their life insurance policy to anyone they want in a transaction "regulation of life." A life settlement is the sale, assignment, transfer or bequest of the death benefit or ownership of a life insurance policy by the policy owner. Typically, the owner of the policy receives money (usually exceeding the policy's cash surrender value but less than the full amount of the death benefit). The settlement company for life becomes the new owner and beneficiary of the policy and is responsible for paying all future premiums. In case of death of the insured, the death benefit is paid to the settlement company life.
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