[LAW-LIB:55512] Insurable interest - multi-state statute question

From: Arenas, Monique (SHB) (MARENAS@shb.com)
Date: Wed May 07 2008 - 09:00:15 PDT

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    We are trying to locate the origins of the language in the following statutes. The language in these statutes is used verbatim in various states and we are in search of the documents that these originated from. Wondering if any of you have come across this in any of your previous research.

    Examples:

    FSA § 627.404. Insurable interest; personal insurance

       (1) An insurer shall be entitled to rely upon all statements, declarations, and representations made by an applicant for insurance relative to the insurable interest which such applicant has in the insured; and no insurer shall incur any legal liability except as set forth in the policy, by virtue of any untrue statements, declarations, or representations so relied upon in good faith by the insurer.

    And

    Wyoming Statute 26-15-102. Life insurance upon individual or person in whom he has insurable interest; "insurable interest" defined.
    (b) If the beneficiary, assignee or other payee under any contract made in violation of this section receives from the insurer any benefits there under accruing upon the death, disablement or injury of the individual insured, the individual insured or his executor or administrator, as the case may be, may maintain an action to recover the benefits from the person receiving them.

    Can also be found in New Jersey Statutes Annotated 17B:24-1.1 and General Laws of Rhode Island 1956, § 27-4-27

    Thank you for your assistance.

    Monique Arenas
    Reference Librarian
    Shook, Hardy & Bacon L.L.P.
    Miami Center, Suite 2400
    201 South Biscayne Boulevard
    Miami, FL 33131-4332
    PHONE: 305.358.5171 x68023
    Toll Free: 1.800.273.8282
    FAX: 305.358.7470
    marenas@shb.com
    www.shb.com

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