Life Insurance Flashcards
1
Q
What is the rule regarding when a life insurance is made payable?
A
An insurance upon life may be made payable on the death of the person, or on his surviving a specified period, or otherwise contingently on the continuance or cessation of life.
2
Q
What is the rule regarding the liability of the insurer in case of suicide of the insured?
A
The insurer in a life insurance contract shall be liable in case of suicide only when it is committed after the policy has been in force for a period of two years from the date of its issue or of its last reinstatement, unless the policy provides a shorter period.
However, suicide committed in the state of insanity shall be compensable regardless of the date of commission.
