Chapter I Insurance
Chapter I Insurance
Chapter I Insurance
TITLE 2
PARTIES TO THE CONTRACT
SEC. 6.
Every corporation, partnership, or association,
duly authorized to transact insurance business
as elsewhere provided in this Code,
may be an insurer.
SEC. 7.
Anyone except a public enemy
may be insured.
SEC. 8.
Unless the policy otherwise provides,
where a mortgagor of property
effects insurance in his own name
providing that the loss shall be payable to the mortgagee,
or assigns a policy of insurance to a mortgagee,
the insurance is deemed to be upon the interest of the mortgagor,
who does not cease to be a party to the original contract,
and any act of his, prior to the loss,
which would otherwise avoid the insurance,
will have the same effect,
although the property is in the hands of the mortgagee,
but any act which, under the contract of insurance,
is to be performed by the mortgagor,
may be performed by the mortgagee therein named,
with the same effect as if it had been performed by the mortgagor.
SEC. 9.
If an insurer assents to the transfer of an insurance
from a mortgagor to a mortgagee, and, at the time of his assent,
imposes further obligations on the assignee,
making a new contract with him,
the acts of the mortgagor cannot affect the rights of said assignee.