Taussig v. United Security Life Insurance & Trust Co.

Citations

• 231 Pa. 16
• 79 A. 810
• 1911 Pa. LEXIS 784

Syllabus

<p>Insurance — Life insurance — Insurable interest — Purchase of policy.</p> <p>1. The mere purchase of a life insurance policy on the life of another, does not in itself create an insurable interest in the purchaser in the life of the insured.</p> <p>2. Where a person who is not a creditor, and who has not otherwise any insurable interest in the life of another person, purchases a life insurance policy on the life of such other person, he will be entitled, after the death of the insured, to retain from the proceeds of the policy only such premiums, payments and expenditures as were made or incurred by him on account of the policy. The purchase of the policy in such a case is a wagering contract, unlawful and void.</p>