California SB1348 amends the Insurance Code to clarify insurable interest in life and disability insurance contracts.

California SB1348 amends Section 10110 of the Insurance Code to clarify who has an insurable interest in life and disability insurance contracts. It specifies that individuals have an insurable interest in their own lives, those who depend on them for education or support, those with a legal obligation to them, and those upon whose lives an estate or interest depends. This change aims to ensure that policyholders can accurately determine who qualifies for coverage under their policies.

California SB1348 amends the Insurance Code to clarify insurable interest in life and disability insurance contracts.

California SB1348 amends Section 10110 of the Insurance Code to clarify who has an insurable interest in life and disability insurance contracts. It specifies that individuals have an insurable interest in their own lives, those who depend on them for education or support, those with a legal obligation to them, and those upon whose lives an estate or interest depends. This change aims to ensure that policyholders can accurately determine who qualifies for coverage under their policies.