Life insurance question,person I'm not related to,possible?

[omahahahaha]

Can anybody help me? I wanted to know if I could take out a life insurance policy on someone I'm not related to nor have any ties with.

Example: a famous person is know to be a skydiver,racedriver, etc.

thank you for any help you can give me.

[BradleyT]

The beneficiary of a life insurance policy must expect to suffer a financial loss if the insured dies.

[omahahahaha]

Thanx, Does the beneficiary have to suffer a loss equal to the expected payout of said policy?

Could I take out a policy on say a sports star if I had a valuable piece of memorabilia?

[wdcbooks]

It is doubtful you could do any of these things. You must have an insurable interest in the person. It isn't uncommon for life insurance policies to be issued on employees by an employer that are payable to the employer. Your employer may even have one on your life that you don't know about. This is permissible because an employer could claim to have suffered a loss if a key employee dies.

Your sports star example doesn't work because you can not demonstrate a loss by his death. Keep in mind that just because you think you meet the insurable interest rule doesn't mean the company will be willing to issue a policy.