^{What  do u mean by insurable interest}

Insurable interest is an interest in a person or a thing so much that loss of that specific thing or person would cause financial loss or other kind of loss. The concept of insurable interest came about to support an insurance company for an insurance policy. For instance, you have an insurable interest in your car,so you can get your car insured. But , if you apply for insurance policy for neighbours' car, then that won't support the insurable interest concept.

Similarly, life insurance can also be done, since one has an insurable interest in one's life.