Jeff is a book dealer who purchased a building from Richard. Jeff obtained a loan from the Gateway Bank to purchase the building, which held a mortgage on the building. Jeff planned to store his inventory of books in the building. He also planned to use part of the building for a fast-food restaurant. When Jeff applied for property insurance on the building, he did not tell the agent about the fast-food restaurant because premiums would be substantially higher. Eight months after the policy was issued, a fire occurred in the restaurant that caused substantial damage to the building.

Is Jeff has an insurable interest even he is lying to the insurer?