Page:United States Statutes at Large Volume 47 Part 1.djvu/1313

 72d C ONGRESS. SESS. II. CH. 128 . FEBRU ARY 27, 1933 . pro rata to the payment of such whole or partial loss. But in no ca se shall the insurer be required to pay mo re th an the amount thus stated in such policy. Thi s sec tion shall not preve nt the par ties from stipu latin g in such polic ies c oncer ning the r epair ing, rebui ld- ing, or replacing buildings or structures wholly or partially damaged or destroyed. CHAPTER 58 .-LIFE AND HEALTH INSURANCE CR ASS REFERENCES Chapter 56 of this code is also applicable to life insurance, see section 1151. Foreign insurance comp anies, see sections 176 to 1811 i So in original. 1289 LIFE AND HEAL TH I NSUI t- ANCE. Ante, p. 1279. Ante, p. 1148 SEC. 1245. INSURANCE UPON LIFE, WHEN PAYABLE .- An insurance wh en insurance upon life may be made payable on the death of the person, or on upon life payeDle . his surviving a specified period, or periodically so long as he shall live, or otherwlse contingently on the continuance or determination of life. SEC. 1246. INSURABLE INTEREST .-Every person has an insurable Insurable Interest. int ere st in the li fe and health- 1. Of himself ; 2. Of any person on who m he de pen ds wholly or in p art for ed u- cation or support ; 3. Of any, person under a legal obligation to him for the payment of money, or respecting property or services, of which death or illness mig ht delay or pre ve nt the performance ; and 4. Of any person up on whose life any estate or interest vested in him depends. CRoss REFERENCE Insurable interest, generally, see sections 1157 et seq. Ante, p .1279. SEC. 1247. AS SIGNE E, ETC ., OF LIFE POLICY NEED HAVE NO INTEREST .- Assignee, etc ., of lif e policy need have no interest. A policy of insurance upon life or health may pass by transfer, will, or succession to any person, whether he has an insurable interest or no t, and such person may re cov er up on it whatever the insured might have recovered. CROSS REFERENCE Compare section 1164 . Ante, p. 1280. SEC. 1248. NOTICE OF TRANSFER .-Notice to an insurer of a transfer Notice of transfer. or be que st th ere of is not necessary to preserve the validity of a policy of insurance upo n lif e or he alt h, unless th ere by expressly required . SEC. 1 24 9 .-MEAsuRE OF INDEMNrrY .-U nless the inter est of a p er- M-- of indem • son insured is susceptible of exact pecuniary measurement, the meas- nits - ure of indemnity under a policy of insurance upo n lif e or health is the sum fixed in the policy. SEC. 1250 . DISPOSITION BY BENEFICIARY OF INTEREST IN INSTALL- Disposition by bene- ficiary of interest in in- MENT.-The beneficiary under a policy of life insurance, providing staliment, for the payment of the proceeds thereof in periodical installments, may be restrained from disposing of or encumbering his interest in any such installment, prior -to the date when it shall become due and pay abl e by the insurer, by a condition or stipulation in the policy . SEC. 1251 . PAYM ENT OF PRO CEED S OF POLICY .-The proceeds of cep ent of pro - every policy of insurance due on the death of insured shall by the insurer be paid either to the beneficiary designated therein, or, if no beneficiary is designated therein, to the estate of insured ; or, if the policy has been assigned, to the assignee thereof and such payment shall satisfy all obligations of the insurer with respect to said polic y.