Guam § 18204 - Insurable Interest.

§ 18204. Insurable Interest.

(a) Every interest in property, or any relation thereto, or any

liability in respect thereto, of such a nature that a contemplated

peril might directly damnify the insured, is an insurable interest.

A mere contingent or expectant interest in anything, not founded

upon an actual right to or in the thing, nor upon any valid

contract for it, is not insurable.

(b) Every person has an insurable interest in the life and

health of:

(1) Himself;

(2) Any person upon whom he depends wholly or in

part for education or support;

(3) Any person under a legal obligation to him for the

payment of money or respecting property or services, of

which death or illness might delay or prevent performance;

(4) Any person upon whose life any estate or interest

vested in him depends.

(c) If the insured has no insurable interest, the contract is

void.