§431:10-204 Insurable interest required; personal insurances. (a) Any individual of competent legal capacity may procure or effect an insurance contract upon the individual's own life or body for the benefit of any person.
(b) No person shall procure or cause to be procured any insurance contract upon the life or body of another individual unless the benefits under the contract are payable to the individual insured or the insured's personal representatives, or to a person having, at the time the contract was made, an insurable interest in the individual insured.
(c) If the beneficiary, assignee or other payee under any contract made in violation of this section receives from the insurer any benefits under the contract accruing upon the death, disablement or injury of the individual insured, the individual insured or the insured's personal representative may maintain an action to recover the benefits from the person so receiving them. [L 1987, c 347, pt of §2]
Section: Previous 431-10-106 431-10-107 431-10-108 431-10-109 431-10-201 431-10-202 431-10-203 431-10-204 431-10-205 431-10-206 431-10-207 431-10-208 431-10-209 431-10-210 431-10-211 NextLast modified: October 27, 2016