(1) No insurance shall be made by any person on the
life of any person or on any other event whatsoever wherein the person for
whose use or benefit or on whose account the policy is made has no interest,
or by way of gaming or wagering; and every assurance made contrary to this
subsection shall be void.
(2) It shall not be lawful to make any policy on
the life of any person, or on any other event whatsoever, wherein the person
effecting the policy has no interest, without inserting in such policy the
names of the persons interested therein, or for whose use or benefit or on
whose account such policy was made.
(3) In all cases where there is an
interest in such life or other event, no greater sum shall be recovered or
received from the insurer than the amount or value of the interest.
(4)
Nothing in this Division shall extend to insurance made by any person on ships
or goods, or to contracts of indemnity against loss by fire or loss by other
events whatsoever.
