LIFE INSURANCE
Someone has interests that can be insured in another person's life, when he had hopes the financial benefits of the viability of that person. Hope this doesn't need to be there is the basic law, how is the case in insurance of property. So a creditor has an interest that can be insured in life its debtors but not in certain parts of the property that the debtor.
In life insurance, the doctrine of insurable interest that can apply in every case except when someone bought a life insurance policy over his own life. In this case, he will not be able to meet the requirements of the interests which can be insured because at the time the nominal value of the policy were paid, he very likely had died, and in terms that the more he did not suffer a financial loss of something. Many writers stated that "anyone deemed to have infinite importance that can be insured upon his own life". Although this doctrine is easy to understand by the student but difficult with certain it would withstand the definition of interests that can be insured. That is, the law stipulates that the interests which may be unnecessary if the insured person is buying life insurance on himself alone. Individuals are also permitted by law to appoint a person beneficiary (stakeholders) who preferred to collect the results of the policy that can be bought upon himself.
To understand the meaning of the interests which can be insured in life insurance, three terms should be understood, namely: the subject, the owner and the beneficiary (stakeholders). The subject was the person who causes the death of that policy payments. The owner is a person who is authorized to exercise all rights in that policy options such as dividends, the assignment of privileges, change the beneficiary, and lending policies. It is usually (though not all) is that policy buyers. Beneficiary is a person who is entitled to the proceeds of that policy at the time of the death of the subject. Third party or two parties, can represent the same person. Example, when James Parker insuring his own life and refer to itself as a beneficiary, then he is the owner, subject and also a beneficiary. When it was his debtor life insuring the Charlie Rose, and appointed himself as beneficiary, then he is also the owner and beneficiary. When James Parker insuring her life, then its owner for himself, but his lender Loomis Wheeler pointed as a beneficiary, then he is the owner and also the subject. When insuring life Willard Philips, officers, by designating the heir Willard as beneficiary, but hold that policy owners for himself, then Willard is the subject and also the beneficiary of that insurance.
And when his father's life and insuring James pointed his mother as the
beneficiary, but holding possession of the polis, the subject, the
owner and beneficiary of the third – three different men. The rules of the interests which can be insured for this is that the owner or the beneficiary must have an interest in the subjects can insure insurance. So James can insure the life of someone else as beneficiary, or the beneficiary if he or she has an interest that can be insured for the insured in the subjects of it.
It is now a common principle admit is that the relation of blood nearby or the nexus of the law is sufficient to prove the existence of interests that can be insured without having to prove the existence of a financial connection. This means that the relationship between husband and wife, parents with children, grandparents with grandchildren and brother raised was enough to satisfy the interests that can be insured. This principle does not usually apply to more distant family relations such as uncles, uncles, nephews, and others.
In a business relationship, a number of circumstances can cause an interest that can be insured. Employers have an interest that can be insured in the main an employee life partners (peers) have an interest that can be insured in life its Copartner. An entrepreneur in PT closed has significance that can be insured in life the other one closed and refines the PT has interests that can be insured in the life of the owner of the company.
