Section 894.- The assured is entitled at any time to terminate the contract of insurance by discontinuing to pay the premium. If the premium had been paid for at least three years, he is entitled to receive from the insurer the surrender value of the policy or a paid up policy.

 

Section 895.- Whenever the sum is to be paid on the death of a person, the insurer is bound to pay it on such death unless ;

(1)   Such person voluntarily committed suicide within one year after the date of the contract;

(2)   Such person was intentionally killed by the beneficiary.

In case number 2, the insurer is bound to pay the assured or to his heirs the redemption value of the policy.

 

Section 896.- If the death is caused by the fault of a third person, the insurer cannot claim compensation from that person, but the heirs of the deceased do not lose their right to compensation from the third person, even if the sum payable under the contract of insurance on life reverts to them.

 

Section 897.- If the assured has made an insurance payable on his death in favour of his heirs without specifying any particular person, the sum payable shall be part of the assets of his estate available for his creditors.

If the insurance has been made in favour of a particular person, only the amount of the premiums paid by the assured shall be part of the assets of his estate available for his creditors.

 

TITLE XXI

BILLS

CHAPTER I

GENERAL PROVISIONS

Section 898.- Bills, within the meaning of this Code, are of three kinds, namely : bills of exchange, promissory notes and chouse.

 

Section 899.- If matters not provided for in this Title are inserted in a bill, they have no effect under the bill.

 

Section 900.- A person, who puts his signature upon a bill, is liable thereon according to the tenor of such bill.

A mere mark, such as a cross or a finger print purporting to be a signature on a bill, even if certified by witnesses, produces no specific effect under the bill.

 

Section 901.- If a person puts his signature upon a bill without stating that he is acting on behalf of another person, he is personally liable upon the bill.

 

Section 902.- If a billbears the signatures of persons who cannot at all, or with full effect, become parties to a bill, this does not affect the liability of the remaining persons liable on the bill.