What cannot be the subject matter of an insurance policy?

An insurance policy must insurable interest in a subject matter at the time the contract is made. A future inheritance cannot be the subject of an insurance policy because it is uncertain whether the inheritance will be received and what the value will be at the time it may be received. Insurance requires a definite interest that can be assessed and valued, and since future inheritances depend entirely on the occurrence of uncertain events (like the passing of the benefactor), they do not meet the necessary criteria for insurable interest.

In contrast, current real estate, future earnings, and existing liabilities are all subjects that can be defined, valued, and insured to some extent. For example, real estate currently owned has a tangible and identifiable value, future earnings can potentially be estimated based on present contracts or job status, and existing liabilities have clear implications for financial obligations or risk. Thus, the other options present situations where insurance could apply, but a future inheritance remains speculative and unquantifiable until it is actually received.