ives from the insurer any benefits thereunder accruing upon the death, disablement or injury of the person insured, the person insured or his executor or administrator, as the case may be, may maintain an action to recover such benefits from the person so receiving them. 3. As used in this section, “insurable interest” as to such personal insurance means that every person has an insurable interest in the life, body and health of himself, and of other persons as follows: (a) In the case of persons related closely by blood or by law, a substantial interest engendered by love and affection; and (b) In the case of other persons, a lawful and substantial economic interest in having the life, health or bodily safety of the person insured continue, as distinguished from an interest which would arise only by, or would be enhanced in value by, the death, disablement or injury of the person insured. 4. Before, on or after January 1, 1972, an individual party to a contract or option for the purchase or sale of an interest in a business partnership or firm, or of shares of stock of a corporation or of an interest in such shares, has an insurable interest in the life, body and health of each individual party to the contract and for the purposes of the contract only, in addition to any insurable interest which may otherwise exist as to the person. 5. An insurer is entitled to rely upon all statements, declarations and representations made by an applicant for insurance relative to the insurable interest of the applicant in the insured. An insurer does not incur legal liability except as otherwise set forth in the policy, by virtue of any untrue statements, declarations or representations so relied upon in good faith by the insurer. (Added to NRS by 1971, 1712; A 1997, 1624) NRS 687B.050 Insurable interest: Exception when certain institutions designated beneficiary. 1. Life insurance contracts may be entered into in which the person paying the consideration for the insurance has no insurable interest in the life of the individual insured, where charitable, benevolent, educational or religious institutions or their agencies are designated irrevocably as the beneficiaries thereof. 2. In making such contracts the person paying the premium shall make and sign the application therefor as owner, and shall designate irrevocably a charitable, benevolent, educational or religious institution or an agency thereof as the beneficiary or beneficiaries of such contract. The application shall be signed also by the individual whose life is to be insured. 3. Nothing in this section shall prohibit any combination of the applicant, premium payer, owner and beneficiary from being the same person. 4. Such a contract shall be valid and binding among the parties thereto, notwithstanding the absence otherwise of an insurable interest in the life of the individual insured. (Added to NRS by 1971, 1713) NRS 687B.060 Insurable interest: Property. 1. No contract of insurance of property or of any interest in property or arising from property shall be enforceable as to the insurance except for the benefit of persons having an insurable interest in the things insured as at the time of the loss. 2. “Insurable interest” as used in this section means any actual, lawful and substantial economic interest in the safety or preservation of the subject of the insurance free from loss, destruction or pecuniary damage or impairment. (Added to NRS by 1971, 1714) NRS 687B.070 Power to contract: Purchase of insurance and annuities by minors. 1. Any person of competent legal capacity may contract for insurance. 2. Any minor not less than 16 years of age may, notwithstanding his minority, contract for or own annuities or insurance, or affirm by novation or otherwise preexisting contracts for annuities or insurance, upon his own life, body, health, property, liabilities or other interests, or on the person of another in whom the minor has an insurable interest. Notwithstanding such minority such a minor shall be deemed competent to exercise all rights and powers with respect to or under: (a) Any annuity or insurance contract upon his own life, body or health; (b) Any contract which such minor effected upon his own property, liabilities or other interests; or (c) Any contract effected or owned by the minor on the person of another, as might be exercised by a person of full legal age. 3. Such a minor may at any time surrender his interest in any such contracts and give valid discharge for any benefit accruing or money payable thereunder. Such a minor shall not, by reason of his minority, be entitled to rescind, avoid or repudiate the contract, or to rescind, avoid or repudiate any exercise of a right or privilege thereunder, except that such a minor, not otherwise emancipated, shall not be bound by any unperformed agreement to pay, by promissory note or otherwise, any premium on any such annuity or insurance contract. 4. All insurance contracts made by a minor under the age of 16 years shall be made only with the written consent of a parent or guardian, and the exercise of all contractual rights under such contracts, or the surrender thereof, or the giving of a valid discharge for any benefit accruing or money payable thereunder shall have the written consent of a parent or guardian if made or given while such minor is under the age of 16 years. 5. All such contracts made by a minor which may result in any personal liability for assessment shall have the written assumption of any such liability by a parent or guardian in consideration of the issuance of the contract. Such assumption shall be in a form approved by the Commissioner, reasonably designed to inform the parent or guardian of the liability thus assumed. Such assumption of liability may be made a part of and included with any written consent of such parent or guardian required under the provisions of this section, and it may be provided therein that such assumption shall cover only up to the anniversary date of the policy nearest the insured’s birthday upon which he attains the age of 18 years. 6. Any annuity contract or policy of life or health insurance procured by or for a minor under subsection 2 or 3, shall be made payable either to the minor or his estate or to a person having an insurable interest in the life of the minor. (Added to NRS by 1971, 1714; A 1973, 1581) NRS 687B.080 Consent of insured to life or health insurance required; exceptions; notice of application for or request to increase coverage of insurance upon life of another required. 1. Except as otherwise provided in subsection 2, no life or health insurance contract upon a person, except a contract of group life insurance or of group or blanket health insurance, may be made or effectuated unless at the time of the making of the contract the person insured, being of competent legal capacity to contract, applies therefor or has consented thereto in writing. 2. The following persons may enter into a contract for life or health insurance upon another person without the insured’s written consent: (a) A spouse may effectuate such insurance upon the other spouse. (b) Any person having an insurable interest in the life of a minor, or any person upon whom a minor is dependent for support and maintenance, may effectuate insurance upon the life of or pertaining to the minor. (c) Family policies may be issued insuring any two or more members of a family on an application signed by either parent, a stepparent, a guardian, or by a husband or wife. 3. An insurer who receives: (a) An application in accordance with subsection 2 for a contract for insurance upon the life of another; or (b) A request to increase the existing coverage upon the life of an insured by a person other than the insured, shall, unless the application or request relates to

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