Insurance Code § 487
‹ § 486§ 488 ›Open in browserleginfo ↗487.
When an overinsurance is effected by successive policies, those only contribute to a return of the premium who are exonerated by prior insurance from the liability assumed by them, and in proportion as the sum for which the premium was paid exceeds the amount for which, on account of prior insurance, they could be made liable.
(Enacted by Stats. 1935, Ch. 145.)