« ПредыдущаяПродолжить »
rules applicable to the former should apply to them as well as to the "insurance” of lives of domestic animals; for life, in all cases, and of all animate things, exists and ceases under like circumstances and from like causes. As health is impaired by causes which might produce death, so accidents happen which may impair health or result in death; thus indicating a like intimacy with that of human and other animal life, sustained, discontinued, or affected by like appliances or causes. The rule of the text in regard to the payment of the insurance comprehends alike all the conditions incident to annuities payable under certain kinds of life insurance, and is well enough to be settled definitely as it is here. Angell on F. & L. Ins., Sec. 288, with regard to payments of life insurance, says: “ By express terms of all contracts of life insurance the entire or full sum insured must be paid upon the happening of one single event, namely, the death of the party;' so that there is no distinction in this sort of policy between total and partial loss, as in the case of marine insurance. Thus, when the insurance is for the whole of life and the party dies, the whole term for which the insurance was effected will be paid to his representatives, the extent of injury the assured meant to be protected against by his insurance having happened, the loss therefore must necessarily be a total one and never can be partial, except in cases where a creditor insures the life of his debtor and during the continuance of such insurance receives part of the debt.”— Blaney L. Ins., p. 67; Park Ins., p. 57.
2763. Every person has an insurable interest in the life and health:
1. Of himself;
2. Of any person on whom he depends wholly or in part for education or support;
3. Of any person under a legal obligation to him for the payment of money, or respecting property or services, of which death or illness might delay or prevent the performance; and,
4. Of any person upon whose life any estate or interest vested in himn depends.
NOTE.-Angell F. and L. Ins., Chap. 14, p. 363, Sec. 295, says: “ The party insuring upon a life must hare an interest in the life insured."-See, also, 3 Kent, 7th
ed., p. 441 (0. p. 368). “Insurance upon lives, as well as upon other events in which the person insured has no interest, not only inevitably tends to introduce a pernicious sort of gambling speculations, but it is pregnant with serious mischief."-Ellis on F. and L. Ins., p. 122; Wms. on L. of Per. Prop., p. 133. Magens on Ins., p. 33, speaks of the inhuman case of committing murder to gain the sum insured; and he relates thus: “An instance of which villainy happened a few years ago in a London apothecary, who, having got his wife's life insured, soon after killed her.” He then adds: “It is indeed true that the insurers are not obliged to pay a murderer convict, as happened in the case of the aforementioned apothecary; yet this does not restore the life sacrificed.” Ang. on Ins., Sec. 299: “It is clear that any person may insure the life of another, if he has any valuable pecuniary interest in the continuance of the life of that other at the time of effecting the policy.” (Such is the stated law of England by Dowdeswell Ins., p. 21.) In Lord vs. Dall, 12 Mass., p. 115, it was held that a sister has an insurable interest in the life of a brother who stands in the place of a parent to her.-Id., Sec. 300. “A trustee may insure for the benefit of the cestui que trust.”—Id., Sec. 301. A creditor may insure the life of his debtor.--Secs. 304-307. The interest known as an insurable interest in the life of another does not mean or include mere anxiety about the life of the person (Id., Sec. 298); but must be pecuniary its nature.-Id., Secs. 299, 300. The grave responsibility of charging murder or fraud in the death of the subject, is, in all probability, the reason why no more questions have arisén about the payments of life insurance than have. See Id., Sec. 303, for other reasons for not raising questions. “If the creditor of an infant, for a consideration paid by himself, obtains a guaranty from a third party, I see no reason why such third party should not be bound, nor why the creditor should not have the benefit of his bargain."-Rivers vs. Gregg, Court App., S. C., Am. L. Reg., Dec., 1854, p. 88; cited Ang. Ins., Sec. 306. Neither a husband or father has an insurable interest in the life of his wife or his child simply on account of his anxiety for their lives and well being; he has, however, a pecuniary interest in them, and in their lives, which entitles him to contract for such an indemnity.-See id., Sec. 298, on this subject.
Assignee, etc., of life
2764. A policy of insurance upon life or health policy need may pass by transfer, will, or succession to any person,
whether he has an insurable interest or not, and such person may recover upon it whatever the insured might have recovered.
have no interest.
NOTE.-See the cases of St. John vs. Amer. Mut. Life Ins. Co., 13 N. Y., p. 31; and 2 Duer, p. 419; see, also, Valton vs. National Fund Life Ins. Co., 20 N. Y., p. 32. Ang. on Ins., Sec. 325, p. 403, Chap. 16. “It appears that there has never been any long existing doubt that a life policy is assignable (1 Bell Comm., p. 545), and as has been well observed without the power to assign the insurance on lives would lose half its usefulness.'" “Such policies are assignable," etc.-Id.
Notice of transfer.
2765. Notice to an insurer of a transfer or bequest
a thereof is not necessary to preserve the validity of a policy of insurance upon life or health, unless thereby expressly required.
NOTE.-Ang. Ins., p. 413, in the case of Godsal vs. Webb, 2 Keen Ch. R., p. 99, it was held by Lord Langdale, M. R., that a life policy was assignable. The case of Anderson vs. Dawson, 15 Ves. Ch. R., p. 552, differs considerably from the preceding case in the circumstances, but is cited by Angell on the same point.--See Fortescue vs. Burnett, 3 Myl. & K. Ch. R., p. 106; Courtner vs. Feners, 1 Sim. Ch. R., p. 137.
Measure of indemnity,
2766. Unless the interest of a person insured is susceptible of exact pecuniary measurement, the measure of indemnity under a policy of insurance upon life or health is the sum fixed in the policy.
Note.-Compare St. John vs. Amer. Life Ins. Co., 2 Duer R., p. 419; 13 N. Y., p. 31; Mutual Life Ins. Co. vs. Wager, 27 Barb., p. 354; Miller vs. Eagle Life and Health Ins. Co., 2 E. D. Smith, p. 268. It will be well enough to examine in connection with this Chapter the provisions of Chapter I of this Title, also Chapter III, Part IV, Division First, Vol. 1 of this Code, and Article XVI, Chapter III, Part III, Political Code. We here give a form of a life policy which is substantially in compliance with the provisions of this Code:
POLICY OF LIFE INSURANCE.
in the year
This policy of life insurance, made the
day of between A B [name of insurer], of and C D [name of insured), of -, witnesseth:
That in consideration of a premium of dollars, being at the rate of per cent upon the amount of insurance, now received from the said C D (and of the annual premium of dollars, to be paid on or before the -day of in every year during the period insured], the said A B INSURES him to the extent of dollars, upon the life of [name of person whose life is insured.]
This insurance is made upon the following terms:
I. The period during which this insurance is to continue is the life of [or, from to -.]
II. The amount to be paid in case of the death of the said is dollars (with participation in profits), which is to be paid to [his executors, administrators, or assigns, or, if the policy is issued to the wife of the person whose life is insured, for her sole use, or, in case of her death, to her children, or their guardian, for their use, or if she leaves no child, then to her executors or administrators], at in sixty days after notice and proof of the death of deducting therefrom so much of the premium for the then current year as may be unpaid.
III. If, without the written consent of the insurer, the person whose life is insured passes beyond the boundaries of the United States of America, otherwise than into Canada, Nova Scotia, or New Brunswick; or passes west of the one hundredth degree of west longitude, or north of the fiftieth degree of north latitude; or between the first of July and the first of November passes south of thirty-six degrees, thirty minutes, of north latitude; or enters upon a voyage on the high seas; or becomes personally engaged in blasting, mining, submarine operations; or in the production of highly inflammable or explosive substances; or in working a steam engine in any capacity; or in service or labor upon any railroad or in any kind of navigation, or in any military or naval service (other than that of the militia when not actually employed in military operations), the insurer shall not be liable to any payment under this policy, in case of his death while so situated or engaged, or in case of his death from any disease contracted or injury suffered while so situated or engaged, and the insurer may, in any such case, terminate this policy.
IV. If the person whose life is insured commits suicide, or dies from any injury suffered in a duel in which he is in any way engaged; or suffered in consequence of the violation of a penal law, or if the representations made upon the application for this policy are in any material respect untrue, this policy shall be void.
V. Upon the expiration of this policy, or in case it is now or hereafter becomes void, all payments made thereon shall belong to the insurer.
VI. If this policy is transferred or hypothecated, proof of the right of the holder to receive the amount of insurance must be given to the insurer sixty days before payment can be required.
The following Act was passed at the same session of the Legislature which adopted the Codes:
Stats. 1871-2, p. 59. An Act to regulate the forfeiture of policies of Life
[Approved February 2, 1872.) [Enacting clause.]
SECTION 1. No policy of insurance on life hereafter issued by any company incorporated under the laws of this State shall be forfeited or become void by the nonpayment of premium thereon, any further than regards the right of the party insured therein to have it continued in force beyond a certain period, to be determined as follows, to wit: the net value of the policy when the premium becomes due and is not paid shall be ascertained according to the American Experience Life Table rate of mortality, with interest at four and a half per centum per annum, or the same interest which has been assumed in finding the net value of the policy, after deducting from such net value any indebtedness to the company, or notes held by the company against the insured, which notes, if given for premium, shall then be canceled. Four fifths of what remains shall be considered as a net single premium of temporary insurance, and the term for which it will insure shall be determined according to the age of the party at the time of the lapse of premium and the assumption of mortality and interest aforesaid.
SEC. 2. If the death of the party occur within the term of the temporary insurance covered by the value