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26.1-29 Insurance Contracts

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CHAPTER 26.1-29INSURANCE CONTRACTS26.1-29-01. Insurance contract defined. An insurance contract is a contract wherebyone undertakes to indemnify another against loss, damage, or liability arising from an unknown<br>or contingent event.26.1-29-02. Insurer and insured defined. An insurer is a person who undertakes toindemnify another by an insurance contract and the insured is the person indemnified.26.1-29-03. Who may be parties to insurance contract. Anyone who is capable ofmaking a contract, except as restricted by law, may be an insurer, and anyone except a public<br>enemy may be an insured.26.1-29-04.Insurable interest defined and classified.An insurable interest is aninterest in property, or any relation thereto, or liability in respect thereof, of such a nature that a<br>contemplated peril might damnify directly the insured, and may consist in:1.An existing interest;2.An inchoate interest founded on an existing interest; or3.An expectancy coupled with an existing interest in that out of which the expectancy<br>arises.26.1-29-05. Insurable interest essential to insurance contract. The sole object ofinsurance is the indemnity of the insured, and if the insured has no insurable interest, the<br>contract is void.26.1-29-06. When insurable interest must exist. An insurable interest must exist whenthe insurance takes effect and when the loss occurs but need not exist in the meantime.26.1-29-07. Measure of insurable interest. The measure of an insurable interest inproperty is the extent to which the insured might be damnified by loss or injury of the property.26.1-29-08. Carrier or depositary has insurable interest. A carrier or depositary ofany kind has an insurable interest in a thing held by the carrier or depositary as such to the extent<br>of its value.26.1-29-09. Insurable interest in life or health insurance. Repealed by S.L. 1987,ch. 357, </p> <BR></DIV><!-- /.col.one --><!-- /.col.two --></DIV><!-- /.col.main --></DIV><!-- /div id = content --> <BR class=clear></DIV> <!-- /div id = livearea --> <DIV></DIV><!-- /.col.one --> <DIV></DIV><!-- /.col.main --> <DIV></DIV><!-- /#content --><BR class=clear> <DIV></DIV><!-- /#livearea --> <!-- Footer--> <DIV id=footer> <DIV class=container> <P class=copyright>Copyright &copy; 2012-2022 Laws9.Com All rights reserved. </P><!-- /.copyright --> <P class=footerlinks><A href="/contactus.html">Contact Us</A> | <A href="/aboutus.html">About Us</A> | <A href="/terms.html">Terms</A> | <A href="/privacy.html">Privacy</A></P><!-- /.footerlinks --> </DIV><!-- /.container --> </DIV><!-- /footer --> </BODY></HTML>