Clark v. Allen
Supreme Court of Rhode Island
Assumpsit, tried by tbe court, jury trial being waived. The facts are stated in the opinion of the court. A person cannot purchase and hold for his own benefit, as a matter of speculation, a policy of insurance on the life of another in whose life he has no insurable interest. Nor can a policy, valid in its inception, issued to one holding an insurable interest, be assigned to one holding no such interest so as to sustain an action in favor of the assignee.
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Assumpsit, tried by tbe court, jury trial being waived. The facts are stated in the opinion of the court. A person cannot purchase and hold for his own benefit, as a matter of speculation, a policy of insurance on the life of another in whose life he has no insurable interest. Nor can a policy, valid in its inception, issued to one holding an insurable interest, be assigned to one holding no such interest so as to sustain an action in favor of the assignee. FranJclin Life Ins. Co. v. Hazzard, 41 Ind. 116 ; Stevens, Adirír, v. Warren, 101 Mass. 564 ; CammaoJc v. Lewis, 15 Wall. 648. A policy…
1Opinion of the Court
Dtjkpée,' C. J.
This is an action for money had and received, triedkto the court, jury trial being waived. It appears that on the 26th December, 1868, one Edward T. Ross got his life insured for $2,000, payable to his wife at his decease. His wife was a second wife. He had children by his former wife, but none by her. She died before him, August 21, 1871. He was then in infirm health and short of means. He did not pay one premium promptly. The company, however, accepted payment, afterwards, and issued the policy anew, payable to his legal representatives. On the 2d of January, 1872, he…
2Cases cited9 opinions
- Campbell v. New England Mutual Life InsuranceMassachusetts Supreme Judicial Court · 1867
- Rawls v. . American Mutual Life Insurance CompanyNew York Court of Appeals · 1863
- Valton v. . the National Fund Life Assurance CompanyNew York Court of Appeals · 1859
- Cammack v. LewisSupreme Court of the United States · 1873
- St. John v. . the American Mutual Life Insurance Co.New York Court of Appeals · 1855
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3Cited by5 opinions
- PHL Variable Insurance v. Price Dawe 2006 Insurance Trust Ex Rel. Christiana Bank & Trust Co.Supreme Court of Delaware · 2011
- Western Reserve Life Assurance Co. of Ohio v. CONREAL LLCDistrict Court, D. Rhode Island · 2010
- Western Reserve Life Assurance Co. of Ohio v. ADM Associates, LLCSupreme Court of Rhode Island · 2015
- Western Reserve Life Assurance Co. of Ohio v. ADM Associates, LLCSupreme Court of Rhode Island · 2015
- Westminster Bank v. AthertonSupreme Court of Rhode Island · 1902