Page:United States Statutes at Large Volume 76A.djvu/300

–204– -204§ 3262. Lottery A lottery or its outcome shall not be insured against. § 3263. Gaming or wager A policy executed by way of gaming or wagering is void. Subchapter III—Parties to Contract § 3281. Capacity to insure Any person capable of making a contract may be an insurer, subject to the restrictions imposed by special statutes upon foreign corporation, nonresidents, and others. § 3282. Capacity to be insured. Any person except a public enemy may be insured. § 3283. Effect of loss payable clause or assignment to mortgagee Unless the policy otherwise provides, where a mortgagor of property effects insurance in his own name providing 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 and the mortgagor does not cease to be a party to the original contract. § 3284. Same; acts of parties I n the case of a loss payable clause or assignment referred to by section 3283 of this title, any act of the mortgagor, prior to the loss and 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 contract 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. § 3285. Insurer's consent to transfer; effect of mortgagor's acts If an insurer assents to the transfer of an insurance from a mortgagor to a mortgagee, and, at the time of his assent, imposes further obfigations on the assignee, the acts of the mortgagor cannot affect the rights of the assignee. Subchapter IV—Insurable Interest § 3301. Definition of insurable interest Every interest in property, or any relation thereto, or liability in respect thereof, of such a nature that a contemplated peril might directly damnify the insured is an insurable interest. § 3302. Property interests An insurable interest in property may consist in a n: (1) existing interest; (2) inchoate interest founded on an existing interest; or (3) expectancy, coupled with an existing interest in that out of which the expectancy arises. § 3303. Contingent or expectant interests A mere contingent or expectant interest in a thing, not founded on an actual right to the thing, nor upon a valid contract for it, is not insurable. § 3304. Measure of interest Except in the case of a property held by the insured as a carrier or depositary, the measure of an insurable interest in property is the extent to which the insured might be damnified by loss or injury thereof.

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