Insurable interest was defined by Lord Eldon LC in Lucena v Craufurd XXXXXXXXXXBos & P.N.R. 269 in the following words:- “A right in property, or a right derivable out of some contract about the...

Insurable interest was defined by Lord Eldon LC in Lucena v Craufurd(1806) 2 Bos & P.N.R. 269 in the following words:-
“A right in property, or a right derivable out of some contract about the property, which in either case may be lost upon some contingency affecting the possession or enjoyment of the party.”
Discuss with the aid of case law, the applicability of insurable interest in life and property.