What May Be Insured Flashcards
What may be insured in a contract of insurance?
Any contingent or unknown event, whether past or future, which may damnify a person having insurable interest, or create a liability against him, may be insured against.
What is the rule regarding an insurance by a married woman?
The consent of the spouse is not necessary for the validity of an insurance policy taken out by a married person on his or her life, or that of his or her children.
What is the rule regarding an insurance by a minor?
A minor may enter into a valid contract of insurance for life, health, or accident, provided:
(a) He is 18 years old or above
(b) The contract is for life, health, or accident insurance (other insurance are voidable)
(c) The insurance is taken on his life
(d) The beneficiary is any of those enumerated by law
Can an insurance be taken for drawing of any lottery?
The law does not authorize an insurance for or against the drawing of any lottery, or for or against any chance or ticket in a lottery drawing a prize.
