Page:United States Statutes at Large Volume 47 Part 1.djvu/1303

 72d CONGR ESS. SESS. II. CH. 12 8. FEBR UARY 27, 1933 . SEC. 1149. INSURANCE OF LOTT ERY OR LOTTERY PRIZE UNAUTHOR- Insurance of lottery, IzEn.-Section 1148 does not authorize an insurance for or against etc ., unauthorized. the draw ing of any lottery, or for or against any chance or ticket in a lottery drawing a prize. CR OSS REYE aENc Es. Fire insurance, see sections 1240 et seq. Life and health insurance, see sections 1245 et seq. Post, P. 128 8 . Post, P. 1289 . 1279 SEC. 1151. ALL SUBJECT TO THIS CHAPTER .-A11 kinds of insurance A11 kinds subject to this chapter. other than marine insurance, are subject to the provisions of this chapter. PARTIES TO CONTRACT Parties to contract. 2 So in original. SEC. 1152. DESIGNATION OF PARTIES -T he person who undertakes Designation of. to indemnify another by a contract of insurance is called the insurer, and the person indemnified is called the insured. SEC. 1153. WHO MAY INSURE.-Anyone capable of making a con- tract may be an insurer, subject to the restrictions imposed by spe cial statutes upon foreign corporations, nonresidents, and others. CROSS RuESErcu Regulatio n of foreign insurance c ompanies, see sections 17 6 to 181' A7t te, p . 1147. Who may insure. SEC. 1154. WHO MAY BE INSURED .-Anyone except a public enemy ma be insured. SEC. 1155 . ASSIGNMENT TO MORTGAGEE OF POLICY ON THING Assignment to mort- INSURED .-Unless the policy otherwise provides, where a mortgagor of nsued pol " yon chmg prope rty e ffect s in suran ce in his own na me pro vidin g that the loss shall be payable to the mortgagee, or assigns a policy of insurance to a mortgagee, the insurance is deemed to be upon the interest of the mortgagor, who does not cease to be a party to the original con- tract, and any act of his, prior to the loss, which would otherwise avoid the insurance will have the same effect, although the property is in the hands of the mortgagee, but any act which, under the con- tra ct of insurance, is to be performed by the mortgagor, may be performed by the mortgagee therein named, with the same effect as if it had been performed by the mortgagor. SEC. 1156. 1VEW CONTRACT BETWEEN INSURER AND ASSIGNEE .-If an New contract be. tween insurer and as- insurer assents to the transfer of an insurance from a mortgagor to signee . a mortgagee, and, at the time of his assent, imposes further obli- gations on the assignee, making a new contract with him, the acts of the mortgagor can not affect his rights. INSURABLE INTEREST Insurable interest. SEC. 1157. INSURABLE INTEREST, WHAT .-Every interest in property, Definition. or any relation thereto, or liability in respect thereof, of such a nature that a contemplated peril might directly damnify the insured is an insurabl e interest. . CROSS R efere nces Assignment to one without insurable interest, see section 1247. Bai lees or c arriers, see secti on 1159. Effec t of tran sfer of i nterest, see sect ion 1164. Extent of insurable interest, see section 1161. Future products ins urable, see section 1160. Insurable interest in expectancy or inchoate interest, see section 1148, 1158, and 1160. Who may be insured. Post, p. 1289. Post, p. 1280. Post, p.1280. Post, p. 1280. Post, p. 1280. Ante, p. 1278 ; post, p. 12 80 .