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3 S. Afr. Mercantile L.J. 234 (1991)
Dalby v the India & (and) London Life-Assurance Company Revisited: Authority for What

handle is hein.journals/safrmerlj3 and id is 242 raw text is: Analyses/Analises Dalby v The India & London Life-Assurance Company Revisited: Authority for What? PETER HAVENGA University of South Africa 1 Introduction One hundred and thirty seven years ago Dalby v The India & London Life-Assurance Company (1854) 15 CB 365, 139 ER 465 was decided by the Exchequer Chamber in England. The case was a landmark decision and has influenced the development of life insurance law in every legal system that has its roots in English law. The case is generally cited as authority for the following propositions: (i) The ordinary form of life insurance is an example of a non-indemnity insurance contract (Gordon & Getz on the South African Law of Insurance 3 ed (1983) by WS Getz and DM Davis in collaboration with Gerald Gordon (hereafter 'Gordon & Getz') 80 102; ER Hardy Ivamy General Principles of Insurance Law5 ed (1986) (hereafter 'Ivamy General Principles') 9n3; MacGillivray & Parking- ton on Insurance Law 8 ed (1988) by Michael Parkington, Nicholas Legh-Jones, Andrew Longmore and John Birds (hereafter 'MacGillivray & Parkington') par 10n23; William R Vance Handbook on the Law of Insurance 3 ed (1951) by Buist M Anderson 106). (ii) In life insurance it is necessary that an (insurable) interest must exist only at the time when the policy is concluded (Gordon & Getz supra 101; Raoul Colinvaux The Law of Insurance 5 ed (1984) 339n52; Ivamy General Principles supra 28n16; MacGillivray & Parkington supra pars 24n76 27 32n98 36n6 66n91; Vance supra 185). (iii) The amount that can be recovered under a life policy is limited to the amount or value of the interest existing at the time of conclusion of the contract without any reference to the amount of the interest at the date of loss (Ivamy General Principles supra 9n2; ER Hardy Ivamy Personal Accident, Life and Other Insurances 2 ed (1980) (hereafter 'Ivamy Life') 97n3; MacGillivray & Parkington supra pars 24n76 29). (iv) A creditor has an insurable interest in the life of his debtor (Colinvaux supra 48n72; Ivamy General Principles supra 28n16;

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