Source : Webster's Revised Unabridged Dictionary (1913)

Insurable \In*sur"a*ble\, a. [From {Insure}.]
   Capable of being insured against loss, damage, death, etc.;
   proper to be insured.

         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.

Source : WordNet®

insurable
     adj : capable of being insured or eligible to be insured