Which of the following is NOT an example of a valid policy owner with insurable interest?

The concept of insurable interest is a fundamental principle in insurance, ensuring that the policy owner has a legitimate interest in the continued life and well-being of the insured individual. This principle helps prevent moral hazard and ensures that insurance is not used as a gamble.

In the context of the provided options, a valid policy owner with insurable interest typically includes individuals or entities that have a close personal or financial relationship with the insured. The insured’s spouse, business partner, and the individual themselves all have clear relationships that justify their interest in the life of the insured—they stand to experience financial loss or personal grief should the insured pass away.

On the other hand, a neighbor does not typically possess insurable interest in the same way that the other individuals do. There is no inherent financial, familial, or business relationship that would create a valid interest or potential loss stemming from the insured's life. Therefore, a neighbor is not considered a valid policy owner under insurable interest requirements, making this the correct answer.

Understanding insurable interest is crucial for anyone studying life insurance, as it helps define the boundaries of who can legally purchase a policy on another individual’s life.