In life insurance, what is often necessary for a policy to be enforceable?

A policy must have insurable interest to be enforceable because it establishes a legitimate reason for the policyholder to obtain insurance on the life of another person. Insurable interest means that the policyholder would suffer a financial loss or incur some form of hardship if the insured were to pass away. This principle is foundational in insurance law, as it helps prevent moral hazards and potential abuse of policies.

While premium payments are essential for keeping a policy active, they do not alone make the contract enforceable. Similarly, the age of the applicant can affect the underwriting process and health questionnaires help assess risk, but neither of these factors ensures the policy's enforceability. The critical aspect is that insurable interest must exist at the time the policy is issued, aligning the interests of both parties in the insurance contract.