SB 60, as introduced, Knight. Insurance policies.
Existing law defines “insurable interest” with respect to life and disability insurance as an interest based upon a reasonable expectation of pecuniary advantage through the continued life, health, or bodily safety of another person and consequent loss by reason of that person’s death or disability or a substantial interest engendered by love and affection in the case of individuals closely related by blood or law. Existing law provides that a person has an insurable interest in, among other things, the life and health of himself or herself.
This bill would make technical, nonsubstantive changes to those provisions.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 10110 of the Insurance Code is amended
2to read:
Every person has an insurable interest in the life and
4health of:
5(a) Himselfbegin insert or herselfend insert.
6(b) begin deleteAny end deletebegin insertA end insertperson on whom hebegin insert or sheend insert depends wholly or in part
7for education or support.
P2 1(c) begin deleteAny end deletebegin insertA
end insertperson under a legal obligation to himbegin insert or herend insert for the
2payment of money or respecting property or services, of which
3death or illness might delay or prevent the performance.
4(d) begin deleteAny end deletebegin insertA end insertperson upon whose life any estate or interest vested
5in himbegin insert or herend insert depends.
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