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Insurable Interest in Marine Insurance Contracts: Modern Commercial Needs Versus Tradition
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INTRODUCTION
Insurable interest developed in order to distinguish indemnity insurance from wager policies and to satisfy the requirement of the indemnity principle itself that the assured should suffer a loss against which he can be indemnified. In recent years it has been suggested that the requirement of a legal or equitable relation for insurable interest to exist, be abolished. Moreover, the enactment of the Gambling Act 2005 since September 1, 2007 has impliedly repealed ...
Related newspaper, magazine, and journal articles from HighBeam Research
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Australia considers marine law changes; Insurers oppose removal of insurable interest rule.(Brief Article)
Business Insurance
; CANBERRA, Australia-Marine insurers are opposing federal government recommendations to remove the insurable interest requirement from Australia's Marine Insurance Act 1909. The act has remained virtually unchanged for more than 90 years but has become the subject of a major review by the
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Insurable interest: is the concept dead or alive?(corporate owned life insurance)(Column)
National Underwriter Life & Health-Financial Services Edition
; The last few years have seen a great growth in the popularity of corporate owned life insurance (COLI) for a number of financial and tax purposes. This increase in COLI plans has caused the industry to focus on the question of who can own a life insurance policy on the life of another person. The
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Insurance law's hapless busybody: a case against the insurable interest requirement.
Yale Law Journal
; NOTE CONTENTS INTRODUCTION I. THE TRADITIONAL ACCOUNT OF THE INSURABLE INTEREST DOCTRINE II. CONCEPTUAL COMPLICATIONS III. HOW THE INSURABLE INTEREST DOCTRINE FALLS A. Perverse Incentives B. Potential Exploitation C. General Inefficiency IV. POSSIBLE SOLUTIONS A. Clearer Doctrine B. Insurer Tort
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Will insurable interest case be sea change or mere ripple? Estate planning could be altered in many states.(Insurable interest under analysis)
National Underwriter Life & Health
; WILL A MARYLAND COURT CASE turn out to be a sea change or merely a ripple? Those watching a case currently before the Court of Appeals in Richmond, Va., seem to be divided on the impact on the estate planning market and professionals who sell products in that market, according to interviews with
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Employer has insurable interest in employees.
The Tax Adviser
; Prior to 1980, A established a group life insurance program for its employees, which allowed a participating employee, including retired employees, a death benefit. A later realized that its liability to its employees under these plans was greater than it could fund. It then decided to purchase
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Insurable interest concerns mobilize industry groups.(WASHINGTON)
National Underwriter Life & Health
; THE LIFE INSURANCE INDUSTRY IS stepping up its efforts to combat the growth of investor-owned life insurance products by creating an industry task force whose goal is to examine practices that neutralize the purpose of insurable interest laws. The industry's concern is that proliferation of these
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Insurable interest on NCOIL agenda.(Regulation)(National Conference of Insurance Legislators)
National Underwriter Life & Health
; STATE LEGISLATORS WILL TACKLE the issues of insurable interest of life insurance, the affordability of prescription drugs and broker disclosure when they meet March 3-6 for the spring meeting of the National Conference of Insurance Legislators in Hilton Head, S.C. An NCOIL resolution opposes
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Insurable interest not limited to auto's title holder
American Agent & Broker
; A father had a new car delivered to his daughter as a gift on her 16th birthday. She lived with her mother, who was her guardian. The mother added the car to her auto policy, showing no loss payee. In a few months, the daughter totaled the car. The mother's carrier put the net loss at $13,924. It
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Insurable interest as it pertains to liability insurance
Rough Notes
; It is not easy to keep up with all the insurance products currently offered. While many insurers still use the standard forms of the Insurance Services Office and the American Association of Insurance Services, a growing number of insurers also offer their own coverage versions. What complicates
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NAIC resolution on investor-owned life affirms insurable interest.(NAIC MEETING COVERAGE)(National Association of Insurance Commissioners)
National Underwriter Life & Health
; REGULATORS MEETING HERE voted to adopt a resolution opposing the expansion of state insurable interest laws. Action was taken during the summer meeting of the National Association of Insurance Commissioners. The resolution calls on the Life Insurance and Annuities A Committee of the NAIC to
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