J. MILLARD TAWES, Governor                     1163

of any person. But no person shall 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 his personal representatives, or to a person having, at
the time when such contract was made, an insurable interest in the
individual insured.

(b)   If the beneficiary, assignee, or other payee under any con-
tract 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 his executor or
administrator, as the case may be, may maintain an action to recover
such benefits from the person so receiving them.

(c)   "Insurable interest" with reference to personal insurance
includes only interests as follows:

(1)   In the case of individuals related closely by blood or by law,
a substantial interest engendered by love and affection.

(2)   In the case of other persons, a lawful and substantial eco-
nomic interest in having the life, health, or bodily safety of the
individual insured continue, as distinguished from an interest which
would arise only by, or would be enhanced in value by, the death,
disablement or injury of the individual insured.

(3)   An individual heretofore or hereafter party to a contract or
option for the purchase or sale of an interest in a business partner-
ship or firm, or of shares of stock of a closed corporation or of an
interest in such shares, has an insurable interest in the life of each
individual party to such contract and for the purposes of such con-
tract only, in addition to any insurable interest which may otherwise
exist as to the life of such individual.

367. Insurable Interest, Property.

(a)   No contract of insurance of property or of any interest in
property or arising from property shall be enforceable as to the
insurance except for the benefit of persons having an insurable
interest in the things insured as at the time of the loss.

(b)   "Insurable interest" as used in this section means any actual,
lawful, and substantial economic interest in the safety or preserva-
tion of the subject of the insurance free from loss, destruction, or
pecuniary damage or impairment.

(c)   A married woman may insure any property, real, personal or
mixed, which she may own jointly or in severalty, in the same
manner as if she were feme sole.

(d)   Any guardian may, with the assent of the Orphans' Court
by which he shall have been appointed, insure any property which
the ward or wards of such guardian may own, either jointly or in
severalty, and such insurance shall have the same effect in all
respects as if the minor whose property is thus insured were of full
age, and had made such insurance himself.

(e)   The measure of an insurable interest in property is the extent
to which the insured might be damnified by loss, injury, or impair-
ment thereof.