legal ground
Article 2 of People's Republic of China (PRC) Insurance Law
The term "insurance" as mentioned in this Law refers to the commercial insurance behavior in which the applicant pays the insurance premium to the insurer according to the contract, and when the insured dies, suffers from disability, illness or reaches the age and time limit agreed in the contract, the insurer shall be liable for the property losses caused by the possible accidents agreed in the contract.
Article 12
When concluding an insurance contract, the applicant for life insurance shall have an insurable interest in the insured.
The insured of property insurance shall have an insurable interest in the subject matter insured at the time of the insured accident.
Personal insurance is an insurance with human life and body as the subject matter.
Property insurance is insurance with property and its related interests as the subject matter.
The insured refers to the person whose property or person is protected by the insurance contract and enjoys the right to claim insurance money. The applicant can be the insured.
Insurable interest refers to the legally recognized interest of the insured or the insured in the subject matter of insurance.