1. The owner of the ship,
2. The owner of the cargo.
3. A creditor who has advanced money on the security of the ship or cargo.
4. The master and crew of the ship.
5. A trustee holding any property in trust has insurable interest in respect of their wages.
6. In case of advance freight the person advancing the freight.
2. Protection for old age : Through life insurance, a person can make provision for his old age. After retirement the earning capacity of a person is substantially reduced. He cannot maintain his standard of living without substantial savings. Life insurance enables a person to enjoy peace of mind and a sense of security.
3. Funds for investment : Life insurance corporation mobilises the public savings and channelises them in productive investment for the economic development of the country. Life insurance combines both protection and investment.
Tips: -(V Imp)
(i) A person has an unlimited insurable interest in his own life.
(ii) A husband has an insurable interest in the life of his wife and a wife in the life of her husband.
(iii) A creditor has an insurable interest in the life of the debtor, to the extent of the debt.
(iv) A servant employed for a specific period has insurable interest in the life of his employer.
(v) A surety has an insurable interest in the life of his co-surety and principal debtor.