When may a valid insurable interest exist between the policyowner and the insured when the policy is insuring any of the following:

1. Life Insurance - A valid insurable interest may exist between the policyowner and the insured when the policy is insuring life when the policyowner is a family member or person who has a financial stake in the insured’s continued life. For example, a spouse would have an insurable interest in their partner’s life, as their death would create a significant financial burden for them. 2. Homeowners Insurance - A valid insurable interest may exist between the policyowner and the insured when the policy is insuring a home when the policy has been purchased by the insured to protect the home they own (or have taken out a mortgage on). 3. Automobile Insurance - A valid insurable interest may exist between the policyowner and the insured when the policy is insuring an automobile when the policyowner is the legal owner of the vehicle or uses it with the insured's permission.