'Insurable' definitions:

Definition of 'insurable'

adjective

Capable of being insured or eligible to be insured

From: GCIDE

Insurable \In*sur"a*ble\, a. [From Insure.] Capable of being insured against loss, damage, death, etc.; proper to be insured. [1913 Webster]
The French law annuls the latter policies so far as they exceed the insurable interest which remained in the insured at the time of the subscription thereof. --Walsh. [1913 Webster]