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29.1525 Insurable interest-Type of- Existence.

Cite as [A.S.C.A. § 29.1525]

An interest in property insured must exist when the insurance takes effect and when the loss occurs, but need not exist in the meantime; and interest in the life or health of a person insured must exist when the insurance takes effect, but need not exist thereafter or when the loss occurs.

History: 1974, PL 13-58 § 1.