Law360, New York (August 10, 2009, 10:48 AM EDT) -- Historically, U.S. state insurance laws have required that a life insurance policy may be procured only by a person with an insurable interest in the continuation of the life of the insured. Such persons typically include the insured, the insured’s spouse and the insured’s other close relatives.
State law has consistently condemned, as a wagering contract which violates public policy, the purchase of life insurance by a party whose only interest is in the early death of the insured.
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