CHAPTER 2. Parties, Events, and Interests [150. - 305.]
Chapter 2 enacted by Stats. 1935, Ch. 145.
§§ 150–305 · 23 sections
ARTICLE 1. Parties to the Contract: Generally §§ 150–151 · 2 sections
ARTICLE 2. Parties to Contract: Mortgagor and Mortgagee §§ 170–172 · 3 sections
- § 170 Unless the policy otherwise provides, if a mortgagor of property effects insurance in his own name providing that the loss shall be payable to the mortgagee,…
- § 171 In case of such a provision or assignment, any act of the mortgagor, prior to the loss and which would otherwise avoid the insurance, will have the same…
- § 172 If an insurer assents to the transfer of insurance from a mortgagor to a mortgagee, and, at the time of the assent, imposes further obligations on the…
ARTICLE 3. Events Subject to Insurance §§ 250–253 · 4 sections
- § 250 Except as provided in this article, any contingent or unknown event, whether past or future, which may damnify a person having an insurable interest, or create…
- § 251 A lottery or its outcome shall not be insured against.
- § 252 A policy executed by way of gaming or wagering, is void.
- § 253 On and after January 1, 1986, no insurer shall issue or amend contracts of insurance in this state to provide coverage for the payment of any damages awarded…
ARTICLE 4. Insurable Interest: Generally §§ 280–287 · 8 sections
- § 280 If the insured has no insurable interest, the contract is void.
- § 281 Every interest in property, or any relation thereto, or liability in respect thereof, of such a nature that a contemplated peril might directly damnify the…
- § 282 An insurable interest in property may consist in: 1. An existing interest; 2. An inchoate interest founded on an existing interest; or, 3. An expectancy,…
- § 283 A mere contingent or expectant interest in anything, not founded on an actual right to the thing, nor upon any valid contract for it, is not insurable.
- § 284 Except in the case of a property held by the insured as a carrier or depositary, the measure of an insurable interest in property is the extent to which the…
- § 285 A carrier or depositary of any kind has an insurable interest in a thing held by him as such, to the extent of its value.
- § 286 An interest in property insured must exist when the insurance takes effect, and when the loss occurs, but need not exist in the meantime; an interest in the…
- § 287 Every stipulation in a policy of insurance for the payment of loss whether the person insured has or has not any interest in the property insured, or that the…
ARTICLE 5. Insurable Interest: Effect of Transfer §§ 300–305 · 6 sections
- § 300 Except in the cases specified in the next four sections, and in the cases of life and disability insurance, a change of interest in any part of a subject…
- § 301 A change of interest in a subject insured, after the occurrence of an injury which results in a loss, does not affect the right of the insured to indemnity for…
- § 302 A change of interest in one or more of several distinct subjects, separately insured by one policy, does not avoid the insurance as to the others.
- § 303 A change of interest by will or succession, on the death of the insured, does not avoid insurance; and his interest in the insurance passes to the person…
- § 304 In the case of partners, joint owners, or owners in common, who are jointly insured, a transfer of interest by one to another thereof does not avoid insurance,…
- § 305 The mere transfer of subject matter insured does not transfer the insurance, but suspends it until the same person becomes the owner of both the insurance and…