Louisiana Revised Statutes 22:852 – Power to contract
Terms Used In Louisiana Revised Statutes 22:852
- Contract: A legal written agreement that becomes binding when signed.
- Insurable interest: as used in this Chapter means any lawful and substantial economic interest in the safety or preservation of the subject of the insurance free from loss, destruction, or pecuniary damage. See Louisiana Revised Statutes 22:853
A. Any person of competent legal capacity may contract for insurance.
B. A minor not less than fifteen years of age as at nearest birthday may, notwithstanding such minority, contract for life or health and accident insurance for his own benefit or for the benefit of his father, mother, spouse, child, brother, sister, or grandparent, or any person with an insurable interest and may exercise all rights and powers with respect to or under the contract as though of full legal age, and may surrender his interest therein and give a valid discharge for any benefit accruing or money payable thereunder. The minor shall not, by reason of his minority, be entitled to rescind, void, or repudiate the contract, or any exercise of a right or privilege thereunder; except, that such minor, not otherwise emancipated, shall not be bound by any unperformed agreement to pay, by promissory note or otherwise, any premium on any such insurance contract.
Acts 1958, No. 125; Redesignated from La. Rev. Stat. 22:612 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2010, No. 375, §1, eff. Jan. 1, 2011.
NOTE: Former La. Rev. Stat. 22:852 redesignated as La. Rev. Stat. 22:595 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.