Divorce Dex.com: Insurable Interest

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Definition Insurable Interest - the requisite connection between the one person and another person whose life is insured, as in the case of a financially dependent spouse or former spouse and children in the life of a former spouse.

Application in Divorce It is illegal to wager on the lives on strangers by securing life insurance on their lives. However, a custodial parent (usually the mother) has an insurable interest in the life of her former spouse, upon whom she and her children are now dependent for support.

In divorce actions, however, adequate insurance may enter into a settlement agreement because one former spouse, usually the woman, who is dependent on the support of her former partner, may also negotiate disability insurance benefits.

Any insurable interest may be protected in a divorce by agreement of the former spouses.

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