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Section 282 Of Article 4. Insurable Interest: Generally From California Insurance Code >> Division 1. >> Part 1. >> Chapter 2. >> Article 4.

282
. An insurable interest in property may consist in: 1. An existing interest; 2. An inchoate interest founded on an existing interest; or, 3. An expectancy, coupled with an existing interest in that out of which the expectancy arises.