Page:United States Statutes at Large Volume 47 Part 1.djvu/1304

 1280 Post, p. 1289. Post, p .1299. Post, p. 1284. Post, pp. 1282, 1283. Post, p. 1281. In what may consist. SEC. 1158. IN WHAT MAY CONSIST:An insurable interest in prop- erty may consist in 1 . An existing interest ; 2. An inchoate interest founded on an existing interest ; or 3. An expectancy, coupled with an existing interest in that out of which th e expectancy ari ses. Ante, p .1278. Ante, p. 1278. Interest of carrier or depositary. Mere expectancies. Ante, p. 1278. Measure of Interest. Insurance without interest Illegal. Post, p. 1281. When intere st must exist. Effect of transfer. 72d CONGRESS. SESS. II. C H. 128. F EBRU ARY 27, 1933 . In sura ble inte rest in life or heal th, see sect ion 1246. Insurance without insurable interest is void, see section 1162. Life insurance, see section 1246. Partner, see section 1197. Stating insurer's interests in policy, see sections 1177 and 1194. Stipulation for payment irrespective of insurable interest is void, see section 1169 . When insurable interest must exist, see section 1163. Cross REFERENCES Insurable interest in expectancy or inchoate Interest, see sections 1148 and 1160. What events may be insured against, see section 1148. SEC. 1159. IN TERE ST OF CA RRIER OR DEPOSITARY:A carrier or depositary of any kind has an insurable interest in a thing held by him as such, to the extent of its v alue. SEC. 1160. M ERE EXPECTANCIES .-A me re contingent or expectant interest in an ything, not fou nded on an actua l right to the t hing, nor upon any valid contract for it, is not insurable. Cross REFERENCES Insurable interest in expectancy or inchoate interest, see section 1158. Un know n or conti ngent even t, in suran ce ag ainst, see sec tion 1148. SEC. 1161 . MEASURE OF INTEREST IN PROPERTY.--The measure of an insurable interest in property is the extent to which the insured might be damnified by loss or injury thereof. Cross REFERENCE Insurance without interest, see section 1162. SE C. 1162. INSURANCE WITHOUT INTEREST, ILLEGAL:The sole object of insurance is the indemnity of the insured, and if he has no i nsurable interest the contr act is vo id. Cross REF asn cE Stipulation for payment Irrespective of interest is void, see section 1169. SEC. 1163. WHEN INTEREST MUST ExIST.-An interest insured must exist wh en the in surance, takes eff ect, and when the loss occur s, but need not exist in the meantim e. SEC. 1164. EFFECT CI' TRANSFER .-Except in the cases specified in sectio ns 1165 to 1168, and in the cases of life, accident, and health insurance, a change of interest in any part of a thing insur ed, unac comp anie d by a corr espo ndin g ch ange of interest in the insur- ance, suspends the insurance to an equivalent extent, until the interest in the thing and the interest in the insurance are vested in the same per son.