PHENOMENOLOGY OF INSURABLE INTEREST IN LIFE ASSURANCE

Subjective attitude towards tangible or intangible possessions is the driving force of the person’s will to seek the means of their protection. In this paper, the institute of interest is generally analysed through the philosophy of enlightened self-interest and economics, while in in the field of law, “interest” is compared to the subjective right and condition in law. Subsequently, the subject of research is the position of legal theory in relation to the need for interest in personal insurance, also explored through the analysis of the characteristics of certain types of life assurance and rationales for effecting such assurance. The current circumstances are briefly addressed in comparative legal systems, with a special focus on English law. At the end of the paper, an example of legally regulated obligations of insurance sales agents to act in the best interest of policyholders and insured persons is presented at the level of the European Union, together with the example of French law regulating conflicts of interest in life assurance.

Keywords: insurance, life, interest, subjective right, condition in law, insurance beneficiary