economic analysis of the
insurable interest doctrine, but their analyses
The trial court granted summary disposition in favor of Prime One with respect to Petro Mart's claim because it determined that Petro Mart did not possess an
insurable interest in the gas pumps.
The most costly
insurable event in 2014 was winter storm damage done in February across Japan, which tallied insured losses of $3.
One mechanism of minimizing risk is insurance--which only works for
insurable risks.
Typically, an
insurable interest exists where there is a family relationship, including marriage, between the insured and the policyowner.
Supreme Court, the essential aspect of
insurable interest is that the policy be obtained in good faith and not for speculating on a life in which the purchaser has no interest.
Losses arising from nuclear accident, war, social, economic or natural causes are wide-ranging in their effect and considered as fundamental risks and generally not
insurable.
At a minimum, the 2009 amendment fails to address the following: (1) the "real" holder of an
insurable interest remains confusing, (2) the time when an
insurable interest must exist, (3) the period in which the insured owes the duty of disclosure to the insurer, (4) potential obstacles in implementing the incontestability provision, (5) possible unfairness associated with the rule regarding the construction and governance of contractual terms, and (6) the moral hazard issue embedded in rules relating to double insurance.
An illegal arrangement occurs when an investor has a pre-negotiated arrangement for an immediate transfer of ownership of the policy, and there is no
insurable interest on the part of the original owner, according to the court.
MAS is planning to increase the maximum
insurable deposit amount for depositors to SGD50,000 per depositor from the current SGD20,000.
charity did not have an
insurable interest, and executor could sue to recover life insurance proceeds paid to one not having an
insurable interest).
This Note shows that SPIN-Life insurance policies contradict the nature and purpose of life insurance and should be considered securities or wagers, not insurance contracts; make human lives a commodity; violate current
insurable interest laws and public policy against wager contracts; and should be declared void ab initio.
STOLI is a practice or plan to initiate a life insurance policy for the benefit of a third party investor who, at the time of policy origination, has no
insurable interest in the insured.
The bill does not apply to policies not issued for delivery in Florida or that are not issued in Florida--and the
insurable interest must exist at the time coverage begins, but may subsequently be extinguished without affecting the validity of the policy.
An
insurable replacement cost analysis, a new service that aims to accurately reflect the cost of replacing a property destroyed by fire or any number of other disasters can help.
