Further Notes on some Legal Aspects of Life Assurance Practice

Extract

Introduction.—Increased interest in legal matters on the part of actuaries.—Practical nature of legal questions in Institute examinations.—Need for information not found in ordinary text-books.—Why particulars of decided cases are given.—Reporting assurance cases in Journal.—Recent papers dealing with legal subjects.

Nature of the Contract of Life Assurance.—Assurances where a larger amount is payable on maturity than on death.—Are these contracts of life assurance?—Essentials of contract of assurance.—Accident policies with return of premium on death or attainment of fixed age.—Test of a double contract.

Insurable Interest.—Must the interest be a pecuniary one ?— Has an employer an insurable interest in the life of his weekly servant ?—Policy assigned immediately after issue.—Who can plead absence of insurable interest?—Return of premiums when assurance is void.—Agent as expert in assurance law.

The Proposal.—Agent's knowledge as to misstatements in proposal.—Agent as agent of proposer and not of company.—When the agent is the agent of the company.—Conflicting decisions.