SB 1003, as introduced, Gaines. Life and disability insurance.
Existing law provides that every person has an insurable interest, as defined, with respect to life and disability insurance, in the life and health of himself or herself, any person on whom he or she depends wholly or in part for education or support, any person under a legal obligation to him or her for the payment of money or respecting property or services, of which death or illness might delay or prevent the performance, or any person upon whose life any estate or interest vested in him or her depends.
This bill would make technical, nonsubstantive changes to that provision.
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) begin deleteHimself. end deletebegin insertHimself or herself.end 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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