Joseph Alberici entered into an agreement to purchase a theater property for a price of $210,000. The named purchaser on the purchase agreement was “Joseph Alberici or his nominee.” A down payment of $21,000 was made by withdrawing funds from a savings account owned jointly by Joseph and his wife, Theresa. After signing the agreement to purchase the theater, Alberici purchased property insurance on the property in the name of himself and Theresa.

Prior to the closing of the sale, the theater was seriously damaged by fire. Because Joseph was suspected of arson in connection with the fire and ultimately convicted of submitting false fire loss claims, his insurance claims were denied. Theresa’s insurance claims also were denied because the insurer argued she did not have an insurable interest in the property. Did Theresa have an insurable interest in the property?