Business Mens Laws of California

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The preceding section does not authorize an insurance for or against the drawing of any lottery, or for against any chance or ticket in a lottery drawing a prize. The most usual kinds of insurance are: 1. Marine insurance; 2. Fire insurance; 3. Life insurance; 4. Health insurance; and 5. Accident insurance. All kinds of insurance are subject to the provisions of this article.
The person who undertakes to indemnify another by a contract of insurance is called the insurer, and the person indemnif
...ied is called the insured. Any one capable of making a contract may be an insurer, subject to the restrictions imposed by special statutes upon foreign corporations, nonresidents and others. Any one except a public enemy may be insured.
An insurable interest in property may consist in (1) An existing interest; (2) An inchoate interest founded on an existing interest; or (3) An expectancy, coupled with an existing interest in that out of which the expectancy arises. A carrier or depositary of any 164 INSURANCE kind has an insurable interest in a thing held by him as such, to the extent of its value.


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