wind insurance in hurricane zones. In the U.S., flood risk is insured by the federal government. An instance where the question whether insurability exists is contested is the case of nanotechnology. In commercial fire insurance it is possible to find single properties whose total exposed value is well in excess of any individual insurer's capital constraint. Such properties are generally shared among several insurers, or are insured by a single insurer who syndicates the risk into the reinsurance market. Insurable interest Insurable interest refers to the right of property to be insured. It may also mean the interest of a beneficiary of a life insurance policy to prove need for the proceeds, called the "insurable interest doctrine". For purposes of life insurance, close relatives are assumed to have an insurable interest in the lives of those relatives, but more distant relatives, such as cousins and in-laws cannot buy insurance of the lives of others related by these connections. Thus, a married person has an insurable interest in the life of their spouse, and minor children have an insurable interest in their parents. A person is also presumed to have an insurable interest in his or her own life. In the U.K. a person is considered to have an unlimited interest in the life of their spouse, which the law considers broadly equivalent to having an insurable interest in their own life. Even if not financially dependent on the other, it is legitimate to insure against the death of a spouse. Although many insurers will accept policies of cohabiting couples, they could potentially be invalidated. In recent years, there have been moves to pass clear statutory provisions in this regard, which have not yet borne fruit. Similar treatment was recently extended to civil partners under section 253 of the Civil Partnership Act 2004. Insurable interest is no longer strictly an element of life insurance contracts under modern law, for example with viatication agreements and charitable donations. Often there is no requirement today that the beneficiary have a proven insurable interest in the life of the insured when the insured has purchased the insurance. See also Insurance law References Insurance law