In which of the following cases does insurable interest not exist?

Answer: Option C

This principle is an important element within a contract of insurance. It means that the insured must have an interest in the subject matter of the insurance. In a practical sense, this means that the insured must suffer a financial or economic loss. This also means that the interest in the property must be a real one and not a contrived one.
A tenant is a person who occupies land or property rented from a landlord. So, 'insurable interest' does not lie with the person.