(a) A contract of insurance of property or of an interest in property or arising from property may not be enforced as to the insurance except for the benefit of persons having an insurable interest in the things insured at the time of the loss.
(b) The measure of an insurable interest in property is the extent to which the insured might be indemnified by loss, injury, or impairment.
(c) In this section, “insurable interest” means an actual, lawful, and substantial economic interest in the safety or preservation of the subject of the insurance free from loss, destruction, or pecuniary damage or impairment.
Structure Alaska Statutes
Chapter 42. The Insurance Contract
Article 1. The Insurance Contract.
Sec. 21.42.010. Applicability.
Sec. 21.42.020. Insurable interest: life, annuity, or health.
Sec. 21.42.030. Insurable interest: property.
Sec. 21.42.040. Interest of named insured.
Sec. 21.42.050. Change of interest on death.
Sec. 21.42.060. Transfer of interest between joint insureds.
Sec. 21.42.070. Insurance without interest, or of wager, is void.
Sec. 21.42.075. Reimbursement of losses.
Sec. 21.42.080. Capacity to contract.
Sec. 21.42.090. Application required, life and health insurance.
Sec. 21.42.100. Request for copy of application; alteration.
Sec. 21.42.110. Representations in applications.
Sec. 21.42.120. Filing, approval of forms.
Sec. 21.42.123. Form filing subject to prior approval.
Sec. 21.42.125. Form filing subject to file and use; penalties.
Sec. 21.42.130. Grounds for disapproval.
Sec. 21.42.140. Standard provisions.
Sec. 21.42.145. Stop-loss insurance provisions.
Sec. 21.42.150. Policy must contain entire contract.
Sec. 21.42.160. Contents of policies in general.
Sec. 21.42.170. Additional policy contents.
Sec. 21.42.175. Non-English translations.
Sec. 21.42.180. Charter, bylaw provisions.
Sec. 21.42.190. Execution of policies.
Sec. 21.42.200. Underwriters' and combination policies.
Sec. 21.42.205. Coordination of benefits.
Sec. 21.42.210. Interest in reinsurance.
Sec. 21.42.220. Validity of noncomplying forms.
Sec. 21.42.230. Construction of policies.
Sec. 21.42.250. Delivery or posting of policy; notifications.
Sec. 21.42.260. Renewal by certificate.
Sec. 21.42.265. Effective date of coverage.
Sec. 21.42.270. Assignment of policies.
Sec. 21.42.280. Payment discharges insurer.
Sec. 21.42.290. Minor may give acquittance.
Sec. 21.42.300. Forms for proof of loss to be furnished.