| Insurable Interest |
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| A beneficiary may procure insurance upon the life of an insured only if he has an insurable interest in that insured's life. The determination of whether the beneficiary has an insurable interest depends upon the nature of the relationship between the beneficiary and the insured. If the beneficiary has a valid, insurable interest, he may recover the insurance proceeds upon the insured's death. If he does not, however, the insurer may plead a lack of insurable interest and avoid liability on the policy.More... |
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| Title Insurance |
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| When a purchaser buys property, he wants assurance that the title to the property is clear of defects. Such a defect could be a claim by another person to the property. Thus, the purchaser may obtain title insurance to protect himself against any losses that arise from title defects. The title insurance is not a guarantee that the purchaser is receiving the property clear of title defects. Instead, it is a policy of indemnification whereby an insurer agrees to defend the purchaser's title and indemnify him for losses arising from defects. More... |
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| Voiding an Insurance Policy |
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| An insurance policy may be voided, which means that it is terminated from the beginning, as if no policy ever existed.More... |
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| Partnerships Entitled to Life Insurance Proceeds |
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| Generally, the legal entity of a partnership dissolves when one partner dies. However, partners may enter into an agreement during the life of the partnership to enable the surviving partners to continue with the business when one partner dies. A life insurance policy may be an appropriate means of accomplishing this purpose.
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| Types of Disability Coverage in Life and Health Insurance |
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| The definition of "disability" is subjective because some people can work without complaint with a condition that would disable and incapacitate others. A typical life and health insurance policy may define disability insurance as including insurance related to injury, disablement, or death resulting to the insured from accidents or sickness.
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