Insurable Interest Research

With the development of insurance business, people's knowledge on it is various. During different periods in history, scholars and researchers place various emphases on the explanation and definition of insurance interest. And it will be novel if it is observed in the view of insurance contract. Assume the insured person and insurant has no insurance interest on the object, when insurance company accepts insurance, moral hazard, even gambling is easily raised. The insurance interest here is defined as insurable interest in English law. When the concepts of insurance contract interest and insurable interest are differentiated, the argument will vanish. On one hand, insurable interest exists before the insurance agreement, and it is possible that it exists after the insurance agreement losing its effectiveness. On the other hand, insurance contract interest cannot be separated from insurance contract. Insurance contract interest is a kind of benefit which is enjoyed by the insurant or beneficiary or other who have the asking right for insurance money, because of the validity of insurance contract. It is not the invisible safety interest which is enjoyed by the insurant and beneficiary on the insurance object, but the economic value which is enjoyed by the one who have asking right for insurance money as a result of insurance accident or contract condition, according to the insurance contract agreement or insurance law. The research on insurable interest is closely related with other concepts, such as sum insurance, insurance object, insurance value, insurance contract interest carrier, etc. Both insurant and beneficiary are the subjects of insurance contract interest. The former enjoy the right of requesting insurance money, while the latter enjoys it because of the authority of insurant. In the property insurance contract, insurant have to possess insurable interest on insurance object when the insurance accident happens, otherwise he could not enjoy the rights of requesting insurance money. In life insurance contact, insured person only need to possess insurable interest on the insurance object when the contract is agreed, he can be the party of it. Insurance contract interest has unique function on the development of insurance business. From the light of various documents, because of no differentiating the concepts of insurable interest and insurance contract interest, people confused the functions of them. Actually, insurance contact interest possesses the function of preventing gambling as well as insurable interest, and even outstanding. Assume there is no restriction from insurance contract interest, insurable interest cannot execute its function on preventing moral hazard. The restriction on the highest quota of compensation is the unique function of insurance contract interest, while the function of deciding the insurance contract effectiveness is unique for insurable interest. The subject of insurable interest in property insurance is the insurant, while in life insurance it is the insured person. The existing period of insurable interest is argued for long time. The newly revised insurance law have accurate regulation on it, but it may result unfairness.