§431:10-202 
Definitions.  For purposes of this part:



"Insurable
interest" includes only interests as follows:



(1)  In the case of
individuals related closely by blood or by law, a substantial interest
engendered by love and affection.



(2)  In the case of other
persons, a lawful and substantial economic interest in having the life, health,
or bodily safety of the individual insured continue, as distinguished from an
interest which would arise only by, or would be enhanced in value by, the
death, disablement, or injury of the individual insured.



(3)  An individual party to
a contract or option for the purchase or sale of an interest in a business
partnership or firm, or of shares of stock of a close corporation or of an
interest in such shares, has an insurable interest in the life of each
individual party to the contract and for the purposes of the contract only, in
addition to any insurable interest which may otherwise exist as to the life of
the individual.



(4)  A charitable
organization as defined in section 467B-1 has an insurable interest in the life
of each proposed insured who joins with said organization in applying for a
life insurance policy naming said organization as owner and irrevocable
beneficiary.



"Policy"
means the written instrument in which a contract of insurance and any
endorsement or addendum thereto is set forth. [L 1987, c 347, pt of §2; am L
1988, c 49, §1; am L 2005, c 22, §25]