Maine § 24-A §2404 Insurable interest -- personal insurance

Maine Statutes

§ 24-A §2404 — Insurable interest -- personal insurance

Maine § 24-A §2404

Title 24-AMAINE INSURANCE CODE

Ch. 27THE INSURANCE CONTRACT

This text of Maine § 24-A §2404 (Insurable interest -- personal insurance) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 24-A, § 24-A §2404 (2026).

Text

1.Any individual of competent legal capacity may procure or effect an insurance contract upon the individual's own life or body for the benefit of any person. But a person may not procure or cause to be procured any insurance contract upon the life or body of another individual unless the benefits under such contract are payable to the individual insured or the individual insured's personal representatives, or to a person having, at the time when such contract was made, an insurable interest in the individual insured.

2.If the beneficiary, assignee, or other payee under any contract made in violation of this section receives from the insurer any benefits thereunder accruing upon the death, disablement or injury of the individual insured, the individual insured or the individual insured's

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1.
Any individual of competent legal capacity may procure or effect an insurance contract upon the individual's own life or body for the benefit of any person. But a person may not procure or cause to be procured any insurance contract upon the life or body of another individual unless the benefits under such contract are payable to the individual insured or the individual insured's personal representatives, or to a person having, at the time when such contract was made, an insurable interest in the individual insured.
2.
If the beneficiary, assignee, or other payee under any contract made in violation of this section receives from the insurer any benefits thereunder accruing upon the death, disablement or injury of the individual insured, the individual insured or the individual insured's executor or administrator, as the case may be, may maintain an action to recover such benefits from the person so receiving them.
3.
"Insurable interest" as to such personal insurance means that every individual has an insurable interest in the individual's own life, body, and health, and that a person has an insurable interest in other individuals as follows:
4.
An insurer shall be entitled to rely upon all statements, declarations and representations made by an applicant for insurance relative to the insurable interest of the applicant in the insured; and no insurer shall incur legal liability except as set forth in the policy, by virtue of any untrue statements, declarations or representations so relied upon in good faith by the insurer.

Legislative History

PL 1969, c. 132, §1 (NEW). PL 1989, c. 353, §§1,2 (AMD). PL 1991, c. 548, §§C1-3 (AMD). PL 1993, c. 320, §§1,2 (AMD). PL 1993, c. 320, §4 (AFF). PL 2003, c. 173, §1 (AMD). RR 2011, c. 2, §30 (COR). RR 2021, c. 1, Pt. B, §§207, 208 (COR).