Legal basis: Article 12 of the Insurance Law of People's Republic of China (PRC), when concluding an insurance contract, the applicant for personal 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.