Louisiana Revised Statutes 22:854 – Interest of the insured
Terms Used In Louisiana Revised Statutes 22:854
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
A. When the name of a person intended to be insured is specified in the policy, such insurance can be applied only to his own proper interest. This Section shall not apply to life, annuity, or health and accident insurance.
B. With regard to loss by fire, the wrongful or malicious actions of a named insured that are determined to be the cause of the loss to the insured property shall not be imputed to any other insured such that the innocent insured would be deprived of coverage provided by the policy. In case of a fire that is set intentionally, the policy proceeds may only be reduced by the proper interest attributable to the insured that set the fire or otherwise participated in the cause of the loss. In the case of multiple named insureds, an innocent insured shall receive his proportionate share of the policy proceeds.
Acts 1958, No. 125; Acts 2007, No. 156, §1, eff. June 25, 2007; Redesignated from La. Rev. Stat. 22:615 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2010, No. 375, §1, eff. Jan. 1, 2011.
NOTE: Former La. Rev. Stat. 22:854 redesignated as La. Rev. Stat. 22:597 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.