1280 Post, p . 1289. Post, p .1299. Post, p . 1284. Post, pp. 1282, 1283 . Post, p. 1281 . In what may consist . SEC . 1158. IN WHAT MAY CONSIST:An insurable interest in prop- erty may consist in 1 . An existing interest ; 2. An inchoate interest founded on an existing interest ; or 3. An expectancy, coupled with an existing interest in that out of which th e expectancy ari ses . Ante, p .1278. Ante, p . 1278. Interest of carrier or depositary . Mere expectancies . Ante, p . 1278. Measure of Interest . Insurance without interest Illegal. Post, p . 1281. When intere st must exist. Effect of transfer . 72d CONGRESS. SESS. II . C H. 128. F EBRU ARY 27, 1933 . In sura ble inte rest in life or heal th, see sect ion 1246 . Insurance without insurable interest is void, see section 1162 . Life insurance, see section 1246 . Partner, see section 1197 . Stating insurer's interests in policy, see sections 1177 and 1194 . Stipulation for payment irrespective of insurable interest is void, see section 1169 . When insurable interest must exist, see section 1163 . Cross REFERENCES Insurable interest in expectancy or inchoate Interest, see sections 1148 and 1160. What events may be insured against, see section 1148 . SEC . 1159. IN TERE ST OF CA RRIER OR DEPOSITARY:A carrier or depositary of any kind has an insurable interest in a thing held by him as such, to the extent of its v alue. SEC . 1160. M ERE EXPECTANCIES .-A me re contingent or expectant interest in an ything, not fou nded on an actua l right to the t hing, nor upon any valid contract for it, is not insurable . Cross REFERENCES Insurable interest in expectancy or inchoate interest, see section 1158 . Un know n or conti ngent even t, in suran ce ag ainst , see sec tion 1148 . SEC . 1161 . MEASURE OF INTEREST IN PROPERTY.--The measure of an insurable interest in property is the extent to which the insured might be damnified by loss or injury thereof . Cross REFERENCE Insurance without interest, see section 1162 . SE C. 1162 . INSURANCE WITHOUT INTEREST, ILLEGAL:The sole object of insurance is the indemnity of the insured, and if he has no i nsurable interest the contr act is vo id. Cross REF asn cE Stipulation for payment Irrespective of interest is void, see section 1169 . SEC. 1163 . WHEN INTEREST MUST ExIST.-An interest insured must exist wh en the in surance, takes eff ect, and when the loss occur s, but need not exist in the meantim e . SEC . 1164. EFFECT CI' TRANSFER .-Except in the cases specified in sectio ns 1165 to 1168, and in the cases of life, accident, and health insurance, a change of interest in any part of a thing insur ed, unac comp anie d by a corr espo ndin g ch ange of interest in the insur- ance, suspends the insurance to an equivalent extent, until the interest in the thing and the interest in the insurance are vested in the same per son .
