The word "insured" as used in this article shall not be construed as preventing a person other than the insured with a proper insurable interest from making application for and owning a policy covering the insured or from being entitled under such a policy to any indemnities, benefits and rights provided therein. History: Laws 1984, ch. 127, § 448. Insurable interest must exist at time of loss. Universal C.I.T. Corp. v. Foundation Reserve Ins. Co. , 1969-NMSC-013, 79 N.M. 785, 450 P.2d 194.
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