Can i take out a million dollar life insurance policy on my cat?

I believe you would need to demonstrate an insurable interest to collect.  For example, you have no insurable interest in my life.

I think if you found someone who would sell it, it would be pretty expensive.  And there might be policy exclusions for certain causes of death.

I'm sure someone would sell it to you . . . for $1,100,000.

just try it and see and then you'll know