The interest an insurance policy beneficiary has in the risk (person) that is insured.
The beneficiary of a life insurance policy has an insurable interest in the insured person when the beneficiary is likely to benefit if the insured continues to live and is likely to suffer some financial loss or detriment if the insured person dies.
Insurable interest is required in order for one person to buy life insurance on the life of someone else.
Learn more about insurable interest for life insurance.