33-15-206. Interest of named insured -- change of interest on death -- transfer.
181 words·~1 min read·
/mt/title-33/chapter-15/part-2/33-15-206·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
33-15-206 . Interest of named insured -- change of interest on death -- transfer.
(1)When the name of the person insured is specified in a policy insuring property, the insurance can be applied only to the person's own proper interest.
(2)A change of interest, by will or succession, on the death of the insured does not avoid an insurance of property, and the insurance passes to the person taking the insured's interest in the thing insured. A change of interest in real property by a transfer on death deed on the death of the insured does not avoid an insurance of real property, and the real property insurance coverage continues beyond the death of the named insured in accordance with 72-6-412
(5)and policy coverage, including all applicable terms and conditions.
(3)A transfer of interest by one of several partners, joint owners, or owners in common, who are jointly insured, to the others does not avoid an insurance of property even though it has been agreed that the insurance must cease upon an alienation of the thing insured.