N.D. Cent. Code § 26.1-29-04: Insurable interest defined and classified

An insurable interest is an interest in property, or any relation thereto, or liability in respect thereof, of such a nature that a contemplated peril might damnify directly the insured, and may consist in:

1.An existing interest;

2.An inchoate interest founded on an existing interest; or

3.An expectancy coupled with an existing interest in that out of which the expectancy arises.