Where two or more polices exist covering the same interest, there is double insurance. Each Insurer will contribute rateably towards the loss, in proportion to the amount for which he is liable under his policy.
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A clause in most Life Insurance policies which prevents the creditors of a beneficiary from claiming any of the benefits payable to him before he actually receives the money. The purpose of this clause is to keep those to whom he is in debt from taking legal action to require the insurer to pay the proceeds directly to them.