PART 2
CONTRACTS OF INSURANCE OTHER THAN MARINE
505. Application of foregoing principles
The legal principles of marine insurance, such as those relating to fraud, concealment, misrepresentation, warranties, subrogation, agency, reinsurance, rectification of policy, and return of premium, apply generally to all cases of insurance, so far as their application is not excluded or modified by the terms of the policy: Provided that—
(1) the doctrine of constructive total loss and notice of abandonment, the rules as to adjustment of a partial loss, and the principle that a policy may be ratified after a loss, apply to marine insurance alone;
(2) life assurance is not a contract of indemnity, and the principle of subrogation does not apply to it.