• Ask a Legal Question
  • Submit Article
  • Law Dictionary
  • My Account
  • FAQ
  • Contact Us
  • Support
  • Site Search
Login or Sign up

The Law Dictionary

  • Home
  • Law Forum
  • Law Guide
  • Law Journal
  • Lawyers
  • Legal Forms & Files
  • Inbox
  • Alerts
Home » Law Dictionary » I » INSURANCE ON LIVES

INSURANCE ON LIVES

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

contracts. The insurance of a life is a contract whereby the insurer, in consideration of a certain premium, either in a gross sum or periodical payments, undertakes to pay the person for whose benefit the insurance is made, a stipulated sum, or an annuity equivalent thereto, upon the death of the person whose life is insured, whenever this shall happen, if the insurance be for the whole life, or in case this shall happen within a certain period if the insurance be for a limited time. 2 Marsh. Ins. 766; Park on Insurance, 429. 2. The insured is required to make a representation or declaration, previous to the policy being issued, of the age and state of health of the person whose life is insured and the party making it is bound to the truth of it. Park, Ins. 650; Marsh. Ins. 771; 4 Taunt. R. 763. 3. In almost every life policy there are several exceptions, some of them applicable to all cases, others to the case of insurance of one’s life. The exceptions are, 1. Death abroad, or at sea. 2. Entering into the naval or military service without the previous consent of the insurers. 3. Death by suicide. 4. Death by dueling. 5. Death by the hand of justice. The last three are not understood to be excepted when the insurance is on another’s life.

Related Posts:

  • ASSURED
  • INSURED
  • LIFE-ASSURANCE
  • INSURABLE INTEREST
  • MARINE INSURANCE
  • INSURER

Filed Under: I

Add a New Legal Term

Can't find the legal word, term, phrase or abbreviation that you're seeking in our dictionary? Add or request a definition by filling out the short form below!

Add Dictionary Term
Sending

Law Dictionary & Guide App

Law App

Law App

Pro Law App

Pro Law App


  Over 2,000 Five Star Ratings

  •   Black's Law Dictionary 2nd Ed.
  •   Free: 14,000+ legal terms, Pro: 23,000+
  •   Law Guide & Law Journal
  •   Ask Questions & Get Answers
  •   Law Library & Lawyer Directory
  • Free Attorney Case Review

    Free legal consultation with a lawyer

    • About
    • FAQ
    • Contact
    • Disclaimer
    • Privacy
    • Legal Terms
    • Editorial Guidelines
    • © 1995 – 2016 TheLaw.com LLC
    Legal Disclaimer: The content appearing on our website is for general information purposes only. When you submit a question or make a comment on our site or in our law forum, you clearly imply that you are interested in receiving answers, opinions and responses from other people. The people providing legal help and who respond are volunteers who may not be lawyers, legal professionals or have any legal training or experience. The law is also subject to change from time to time and legal statutes and regulations vary between states. It is possible that the law may not apply to you and may have changed from the time a post was made. All information available on our site is available on an "AS-IS" basis. It is not a substitute for professional legal assistance. Before making any decision or accepting any legal advice, you should have a proper legal consultation with a licensed attorney with whom you have an attorney-client privilege. For purposes of New York and New Jersey State ethics rules, please take notice that this website and its case reviews may constitute attorney advertising.
    © Copyright 1995 - 2015 TheLaw.com LLC. All Rights Reserved
    Go to mobile version