Page:United States Statutes at Large Volume 76A.djvu/310

–214– -214provided by section 3579 of this title, the insurer, under a policy valued pursuant to section 3576 of this title, shall pay: (1) in case of a total loss, the whole amount insured upon the insured's interest in the building or structure, as stated in the policy and upon which the insurers have received a premium; and (2) in case of a partial loss, the full amount of the partial loss. If there are two or more policies covering the insured's interest, each policy shall contribute pro rata to the payment of the whole or partial loss. § 3578. Limit of liability Except as provided by section 3579 of this title, the insurer is not required to pay more than the amount stated in a policy valued pursuant to section 3756 of this title. § 3579. Stipulations in valued policy Stipulations in a policj valued jjursuant to section 3576 of this title concerning the repairing, rebuilding or replacing of buildings or structures wholly or partiall^yr damaged or destroyed shall prevail over sections 3577 and 3578 of this title. CHAPTER 89—LIFE AND DISABILITY INSURANCE SPC.

.sen. 3612. 3613. 3614. 3615. 3616. 3617.

Insurable interest. Measure of indemnity. Transfer of policy; manner; insurable interest. Notice of transfer. Disposition or incumbrance of interest in installment. Manner of payment of life insurance. Discharge of insurer by payment.

§ 3611. Insurable interest Every person has an insurable interest in the life and health of: (1) himself; (2) any person on whom he depends wholly or in part for education or support; (3) any person under a legal obligation to him for the payment of money, or respecting property or services, of which death or illness might delay or prevent the performance; and (4) any person upon whose life any estate or interest vested in him depends. § 3612. Measure of indemnity In life or disability insurance, the only measure of liability and damage is the sum or sums payable in the manner and at the times as provided in the policy to the person entitled thereto. § 3613. Transfer of policy; manner; insurable interest A life or disability insurance policy may pass by transfer, will, or succession to any person, whether or not the transferee has an insurable interest. The transferee may recover upon it whatever the insured might have recovered. § 3614. Notice of transfer ^ r Notice to an insurer of a transfer or bequest of a life or disability insurance policy is not necessary to preserve the validity of the policy unless expressly required by the policy. § 3615. Disposition or incumbrance of interest in installment The beneficiary under a life insurance policy which provides for the payment of its proceeds in periodical installments, may be restrained by provisions in the policy from disposing of or incumbering his interest in any such installment prior to the date when it becomes due and payable by the insurer.

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