The insurance may be contracted in pursuance of a general or special proxy or even without a proxy, on behalf of a named person. In this latter case, the insurance shall benefit the person on behalf of whom it was concluded, notwithstanding the fact that ratification took place after the claim.
The insurance may also be contracted on behalf of the person to whom is shall belong.
This clause shall be valid both as insurance for the benefit of the known or future beneficiary of the said clause.
The underwriter of an insurance contracted on behalf of the person to whom it shall belong, shall be solely responsible for payment of premium to the insured; objections which insurers may raise against such a subscriber shall equally apply to the beneficiary of the contract, whosoever he may be.