insurable interest

Such a real and substantial interest in specific property as will prevent a contract to indemnify the person interested against its loss from being a mere wager policy. Such an interest as will make the loss of the property of pecuniary damage to the insured. A right, benefit, or advantage arising out of the property or dependent thereon, or any liability in respect thereof, or any relation thereto or concern therein, of such a nature that it might be so affected by the contemplated peril as to directly damnify the insured. Generally, an "insurable interest" exists where insured derives pecuniary benefit or advantage by preservation and continued existence of property or would sustain pecuniary loss from its destruction. Hinojosa v. Allstate Ins. Co., Tex. Civ.App., 520 S.W.2d 936, 938.

In the case of life insurance, a reasonable expectation of pecuniary benefit from the continued life of another; also, a reasonable ground, founded upon the relation of the parties to each other, either pecuniary or of blood or affinity, to expect some benefit or advantage from the continuance of the life of the assured. Connecticut Mut. Life Insurance Co. v. Schaefer, 94 U.S. 457, 460, 24 L.Ed. 251.

Essential thing being that policy be obtained in good faith, not for purpose of speculating on hazard of life in which insured has no interest. Alexander v. Griffith Brokerage Co., 228 Mo.App. 773, 73 S.W.2d 418, 423