Comment on whether or not the following persons/entities could own a policy on Elvis Forjan, Worlds Greatest Finance Professor. Provide a short justification for each.

1. Elvis neighbor. Elvis and his neighbor have a shared fence between their homes.
2. Elvis children.
3. Elvis business partner, Woodard Pike. The two co-own a Detective Agency.
4. The National Association of Finance Professors, an organization to which Elvis belongs.
5. Elvis ex-wife.

Please use the principle of insurance