Plaintiff and the deceased were operating an airplane commercially. Plaintiff had purchased the plane, and was paying the deceased $25 per week plus half of the profits of the venture. The deceased acted as pilot, and was instrumental in obtaining business. Plaintiff took out insurance on the plane, and also on the life of the deceased, although their only relationship was through the joint venture. The plane was wrecked and the deceased was killed while on company business. The claim for the plane was paid, but the defendant refused to pay on the life insurance policy, claiming that the plaintiff had no insurable interest in the life of the deceased. The case was submitted to a jury which found that the plaintiff had an insurable interest. Defendant appealed. Held, affirmed. "It was not necessary to prove that the death of the insured resulted in a substantial loss to the beneficiary . . . . It is sufficient that the beneficiary has a reasonable expectation of some benefit or advantage from the continuance of the life of the assured." Indemnity Ins. Co. of North America v. Dow, (6th Cir. 1949) 174 F. (2d) 168.
Alan P. Goldstein S. Ed.,
INSURANCE-INSURABLE INTEREST-JOINT ADVENTURERS,
Mich. L. Rev.
Available at: https://repository.law.umich.edu/mlr/vol48/iss4/17