The guarantee of insurance is often given by an insurance company or any corporation. The courts of New York have recognized two theories, namely, theories of waiver and estoppels. An insurance company may waive a defense that is based on a lack of insurable interest, even if it gets the premiums for the policy, but it depends totally on the jurisdiction of the concerned parties. A person deposits a fixed amount of money, which is known as a premium, and in the specified circumstances, that person is liable to get that insured amount of money. The lack of insurable interest is often dependent on the jurisdiction. If there is a situation that a beneficiary gets insurance benefits that do not have an insurable interest, the beneficiary is entitled to hold the proceeds for the benefit of those entitled by law. This is in accordance with the Texas Supreme Court, 1894, in the case of Cheeves v. Anders. Late on, this contention was upheld in the case of Stillwagober v. Travelers Insurance Co. The insurer, who knows of an adverse claim but pays the required proceeds to the person without an insurable interest, may be entitled to the proper beneficiary or the estate of an insurer for full benefits arising out of it.
Insurable Interest is an interest of a person who is involved directly in the insurance policy. The person who is directly influenced by the loss of profit resulted from the insurance. An individual is said to have an insurable interest in the property or a thing if the loss sustained by these properties or thing directly influence that person. The loss can be due to some destruction of property of death of a person, or any other issue. For instance, a spouse has an insurable interest in the death of another spouse because it might have caused severe hardship to that person directly. Therefore basically, the person who gets affected directly due to any consequence is known as a person having an insurable interest.
Defenses of an Insurer
The contracts of insurance are a little bit complicated. In many cases, it is found that the party does not get the insurance money believing it to get the same. There are many defenses for the insurance company, which are undoubtedly beneficial for the company but disadvantageous for the party, some of the common defenses available to the insurer like representation, concealment, and warranties.
Representation: A statement made by an individual to do not to do a certain thing is known as a representation. If an applicant gives a false statement, then it is the power of an insurer to avoid the insurance contract.
Concealment: Concealment may be defined as non-disclosure of a material fact. When a person hides a relevant statement, an insurer has a right to avoid a contract.
Warranties: The insurance policies have their own warranties. These are a kind of terms and conditions on which a contract is made. It is most relevant in commercial properties.
Incontestable Clause
In many cases of life insurance, the three defenses are not available to the insurer. If there arises a situation if an insured has not died within the specified time under an insurance contract, then an insurer cannot deny paying the insurance amount. Even if it is proven that an insured person committed fraud, he or she will be obligated to pay the stated amount. This clause is included in life insurance policies because the families would suffer if the insurer claimed misrepresentation or concealment of material fact, which would be difficult to prove after a long period of time when the insured would no longer be available to testify about his intentions and knowledge.
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