To collect the proceeds of a life insurance policy, the purchaser must have an insurable interest in the life of the insured when the

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An insurable interest must exist at the time the insurance policy is purchased. This requirement ensures that the purchaser has a legitimate reason to insure the life of the insured, typically based on a relationship or financial interest, and is not simply speculating on the death of the individual.

To Collect the Proceeds of a Life Insurance Policy, the Purchaser