Report No. 3
101. Article 87.-
Article 87 relates to a suit by the assured to recover premia paid under a policy voidable at the election of the insurers and the time begins to run and the cause of action accrues when the insurer elects to avoid the policy. In a case in which there is a contract which becomes void, section 65 of the Contract Act imposes an obligation to refund the benefit. This may be also treated as an action for money had and received; Morrison v. Universal Mercantile Insurance, 8 Exch 425.