(1) Where the subject-matter is mortgaged, the mortgager has an insurable interest in the full value, and the mortgagee has an insurable interest in respect of any sum due or to become due under the mortgage.
(2) A mortgagee, consignee, or other person having an interest in the subject-matter insured may insure on behalf and for the benefit of other persons interested as well as for his or her own benefit.
(3) The owner of insurable property has an insurable interest in respect of the full value, notwithstanding that some third person may have agreed, or be liable, to indemnify him or her in case of loss.