Insurable Interest Annuities: Hearings Before the Subcommittee on Retirement and Employee Benefits of the Committee on Post Office and Civil Service, House of Representatives, Ninety-fourth Congress, First Session, on H.R. 4260, a Bill to Amend Chapter 83 of Title 5, United States Code, to Eliminate, Subsequent to the Death of an Individual Named as Having an Insurable Interest, the Annuity Reduction Made in Order to Provide a Survivor Annuity for Such an Individual, March 20, 24, 1975

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Common terms and phrases

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Էջ 22 - But in all cases there must be a reasonable ground, founded upon the relations of the parties to each other, either pecuniary or of blood or affinity, to expect some benefit or advantage from the continuance of the life of the assured.
Էջ 22 - The essential thing is, that the policy shall be obtained in good faith, and not for the purpose of speculating upon the hazard of a life in which the insured has no interest.
Էջ 29 - The natural affection in cases of this kind is considered as more powerful, as operating more efficaciously, to protect the life of the insured than any other consideration.
Էջ 22 - III. c. 48. This section, it is to be observed, does not provide for any particular amount of interest. According to it, if there was any interest, however small, the policy would not be avoided. The question arises on the third clause. It is as follows...
Էջ 22 - In the case of a policy of life insurance, with the exception of insurance by creditors,1 the amount of interest is immaterial if an insurable interest exists.' § 504. Time when interest must exist; cessation of interest. An insurable interest at the inception of a contract of life insurance is regarded by the majority of courts as sufficient, and it is held immaterial that such interest ceases prior to the death of the insured, in the absence of a provision in the contract or a statute to the contrary.*...
Էջ 23 - Despite some early cases and expressions to the contrary,14 it is unquestioned now that a husband has an insurable interest in the life of his wife,15 and that a wife has an insurable interest in the life of her husband.1* In Overhiser, 63 Ohio St 77, 57 NE 965; Cor.
Էջ 23 - Overhiser v provides that a policy shall not "be issued" upon any life in which the beneficiary named has no insurable interest, the fact that the insurable interest ceased to exist subsequently to the...
Էջ 27 - ... supported by her brother is entitled to the benefit of a .statute permitting him as head of a family to expend a certain sum each year for insurance for their benefit free from the claims of his creditors. Sternberg v Levy, 159 Mo 617, 60 SW 1114.
Էջ 22 - L. Ins. Co. v. Schaefer. 94 US 457, 24 L. Ed. 251.
Էջ 23 - Wurzburg v. New York L. Ins. Co. 140 Tenn 59, 203 SW 332, LRA1918E 566 (employer-employee case) ; May v.

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