Page:United States Statutes at Large Volume 47 Part 1.djvu/1307

 72d C ONGRESS. SESS. II. CH. 128 . F EBRUARY 27, 1933 . SEC. 1184. How MAY AFFECT POLICY .-A representation can not be How af fect po licy. allowed to qualify an express provision in a contract of insurance, but it may qualify an implied warranty. SEC. 1185. WHEN MAY BE wITHDRAwN .-A representation may be When may be with. altered or withdrawn before the insurance is effected, but not afterwards. SEC. 1186. TIME INTENDED BY REPRE SENTA TION .- The comp leti on Time intended by of the contract of insurance is the time to which a representation representation. must be presumed to refe r. SEC. 1187. REPRESENTING INFORMATION.-When a person insured Wit ; rrasentiug ln1or has no personal knowledge of a fact, he may nevertheless repeat information which he has upon the subject, and which he believes to be true, with the explanation that he does so on the information of others, or he may submit the information, in its whole extent, to the insurer ; and in neither case is he responsible for its truth, unless it proceeds from an agent of the insured, whose duty it is to give the intelligence. SEC. 1188. FALSITY.-A representation is to be deemed false when Falsity. the facts fail to correspond with its assertions or stipulations. Sec . 1189. EFFECT OF FALSITY .-If a representation is false in a Effect of. material point, whether affirmative or promissory, the injured party is ent itled to r escind the contra ct f rom the tim e when the representation becomes false. SEC. 1190 . MATERIALITY .-The materiality of a representation is Materiality. determined by the same rule as the materiality of a concealment. CRO SS RE FERE NCES Materi ality of repr esentation, how determined, see section 1174. Arse, p. 1282. Violation of material warranty, see section 1214. Post, p. 1285 . SEC. 1191. APPLICATION OF PROVISIONS OF THIS SUBCHAPTER .-The Application of provisions of this subchapter apply as well to a modification of a '"chapter . contract of insu rance as to its original formati on . SEC. 1192. RIGHT To RESCIND .-Whenever a right to rescind a con- Right to rescind . tract of insurance is given to the insurer by any provision of this chapter, such right may be exercised at any time previous to the commencement of an action on the contract . The policy. SEC. 1193 . POLICY, WHAT .-The wri tt en instrument, in wh ich a Definition . contract of insurance is set forth, is called a policy of insurance . SEC. 1194 . WH AT MUST BE SPECIFIED IN A POLICY.-A policy of What must specif y insurance must specify 1 . The parties between whom the contrac t is mad e ; 2. The rate of premium ; 3. The property or life insured ; 4. The interest of the insured in property insured, if he is not the absolute owner thereof ; 5. The risks insured against ; and 6 . The period d uring wh ich the insuranc e is to continue. SEC. 1195. WHOSE I NTEREST IS CovERED.-When the nam e of the er chose interest cov- person intended to be insured is specified in a policy, it can be applied only to his own proper interest. CRO SS REFERENCES Insurable interest, generally, see section 1157. Ante, p. 1279. Sta ting in ter est of insured, see section 1177. Ante, p. 1282. THE POLICY 1282 thi s