insurance

life insurance of every description, including death benefits paid by fraternal beneficial societies, operating under the lodge system." Treasury Regulations No. 37, 1921 edition, p. 23.

A contract whereby, for an agreed premium, one party undertakes to indemnify the other aga,inst loss on a specified subject by specified perils. The party agreeing to make the indemnity is usually called the "insurer" or "underwriter;" the other, the "insured' or "assured;" the agreed consideration, the "premium"; the written contract, a "policy"; the events insured against, "risks" or "perils"; and the subject, right, or interest to be protected, the "insurable interest." 1 Phil. Ins. §§ 1-5. Called, also, "assurance." Insurance is classified according to the nature of the risk insured against, or the nature of the property insured, the principal sorts being (1) fire insurance, being against injury to property by fire; (2) life insurance, being against injury by the death of one in whose interest the assured has a pecuniary interest; (3) marine insurance, being against injury to vessels or their cargo by any peril of navigation; and (4) Many other varieties, however, have become common in recent years, as against injury to crops by hail; against loss by defalcation; against defects of title to land, etc.

A contract whereby, for an agreed premium, one party undertakes to compensate the other for loss on a specified subject by specified perils. “An agreement by which one party, for a consideration (which is usually paid in money either in one sum or at different times during the continuance of the contract Injury of something In which the other party has an interest** Com. v. Wetherbee, 105 Mass. 149, 160. An insurance in relation to property is a contract whereby the insurer becomes bound, for a definite consideration, to indemnify the insured against loss or damage, to a certain property named In the policy, by reason of certain perils to which It may be exposed. Dover Glass-Works Co. v. Ins. Co., I Marv. (Del.) 32, 29 Atl. 1039, 65 Am. St Rep. 264. “In fire Insurance and marine Insurance the thing Insured la property; In life or accident Insurance, It Is the life or health of a person. In either case neither the time and amounts of payments by the asi^red, nor the modes of estimating or securing the payment of the sum to be paid by the Insurer, affect the question whether the agreement between them Is a contract of insurance. All that is requisite to constitute such a contract is the payment of the consideration by the one, and the promise of the other to pay the amount of the insurance upon the happening of injury to the subject by a contingency contemplated In the contract Com. V. Wetherbee, 105 Mass. 160; Masonic Association V. Taylor, 2 S. D. 324, 15 N. W. 93; Physicians Defense Co. v. Cooper, 199 Fed. 576, 118 0. C. A. 50. Any one aui juris and capable of contracting generally may be Insured, but Insurance has been held not to be a necessary for which an Infant might contract and be held liable against his option on coining of age; N. II. Mut Fire Ins. Co. v. Noyes, 32 N. H. 345; Monaghan v. Ins. Co., 53 Mich. 238, 18 N. W. 797. In recent years, contracts of insurance by married women have been generally held valid, usually under statutes; Mc Quitty v. Ins. Co., 15 R. I. 573, 10 Atl. 635; Queen Ins. Co. V. Young, 86 Ala. 424, 5 South. 116, II Am, St. Rep. 51; Commercial Ins. Co. v. Spankneble, 52 111. 53, 4 Am. Rep. 582; Charter Oak Life Ins. Co. v. Brant, 47 Mo, 419, 4 Am. Rep. 328. Any one otherwise capable of contracting may become an Insurer, and formerly the business was largely conducted by partnerships, but, with the exception of risks taken at Lloyds (g. v.) and some other large partnerships, the business is now conducted, mainly, by insurance companies (q. v.), though, in England, quasi corporations organized under the Joint Stock Companies Acts insure under the authority of letters patent securing limited liability. See Joint Stock Company. The insurer is sometimes called the underwriter, and the injured, the assured. The agreed consideration is called the premium; the written contract, a policy; the events insured against, risks or perils; and the subject, right, or interest to be protected, the Mutual life Ins. Co. v. Luchs, 10$ U. S. 504, 2 Sup, Ct. 949, 27 L. Ed. 800. The policy is usually issued upon the application (q. V.) of the Insured in writing, which contains the statement of facts entering into and forming a part of the contract. It is reasonable to stipulate in a fire insurance policy that, if any statements made by the applicant are untrue, the policy shall be void; Deming Inv. Co. v. Ins. Co., 16 Okl. 1, 83 Pac. 918, 4 L. R. A. (N. S.) 607. A renewal reinstates the original contract with all its terms and also incorporates into it the new terms expressed in the renewal application and representations contained therein become part of the contract; Metropolitan Life Ins. Co. v. Mc Tague, 49 N. J. L. 587, 9 Atl. 766, 60 Am. Rep. 661. It is not a false representation for a pregnant woman to state she is in sound bodily health, and she is not required to Inform the company of her- pregnancy; Merriman v. Grand Lodge, 77 Neb. 544, 110 N. W. 302, 8

A contract whereby, for a stipulated consideration, one party undertakes to compensate the other for loss on a specified subject by specified perils. The party agreeing to make the compensation is usually called the "insurer" or "underwrit er;" the other, the "insured" or "assured;" the agreed consideration, the "premium;" the written contract, a "policy;" the events insured against, "risks" or "perils;" and the subject, right or interest to be protected, the "insurable interest." 1 Phil. Ins. §§ 1-5. Insurance is a contract whereby one undertakes to indemnify another against loss, damage, or liability arising from an unknown or contingent event. Civil Code, Cal. § 2527; Civil Code Dak. § 1474. See Pcople v. Rose, 174 III. 310, 51 N. E. 246, 44 L. R. A. 124; Barnes v. People 168 III. 425, 48 N. E. 91; Co.m. v. Wetherbee, 105 Mass. 160; State v. Vigilant Ins. Co., 30 Kan. 585, 2 Pac. 840; Com. v. Provident Bicycle Ass'n, 178 Pa. 636, 36 Atl. 197, 36 L. R. A. 589; Co.m. v. Equitable Ben. Ass'n, 137 Pa. 412, 18 Atl. 1112; Tyler v. New Amsterdam F. Ins. Co., 4 Rob. (N. Y.) 155. Classification.

— Accident insurance. that form of insurance which undertakes to indemnify the assured against expense, loss of time, and suffering resulting from accidents causing him physical injury, usually by payment at a fixed rate per week while the consequent disability lasts, and sometimes iucluding the payment of a fixed sum to his heirs in case of his death by accident within the term of the policy. See Employers' Liability Assur. Corp. v. Merrill, 155 Mass. 404, 29 N. E. 529.

— Burglary insurance. Insurance against loss of property by the depredations of burglars and thieves.

— Casualty insurance. This term is generally used as equivalent to "accident" insurance. See State v. Federal Inv. Co.., 48 Minn. 110, 50 N. W. 1028. But in some states it means insurance against accidental injuries to property, as distinguished from accidents resulting in bodily injury or death. See Employers' Liability Assur. Co.rp. v. Merrill, 155 Mass. 404, 29 N. E. 529.

— Commercial insurance. a term applied to indemnity agreements, in the form of insurance bonds or policies, whereby parties to commercial contracts are to a designated extent guarantied against loss by reason of a breach of contractual obligallons on the part of the other contracting party ; to this class belong policies of contract credit and title insurance. Cowles v. Guaranty Co.., 32 Wash. 120, 72 Pac. 1032, 98 Am. St. Rep. 838.

— Employer's liability insurance. In this form of insurance the risk insured against is the liability of the assured to make compensation or pay damages for an accident, injury, or death occurring to a servant or other employe in the course of his employment, either at common law or under statutes imposing such liability on employers.

— Fidelity insurance. that form of insurance in which the insurer undertakes to guaranty the fidelity of an officer, agent, or employe of the assured, or rather to indemnify the latter for losses caused by dishonesty or a want of fidelity on the part of such a person. See People v. Rose, 174 111. 310, 51 N. E. 246, 44 L. R. A. 124.

— Fire insurance. A contract of insurance by which the underwriter, in consideration of the premium, undertakes to indemnify the insured against ali losses in his houses, buildings, furniture, ships in port, or merchandise, by means of accidental fire happening within a prescribed period. 3 Kent, Comm. 370; Mutual In Ins. Co. v. Alien. 138 Mass. 27, 52 Am. Rep. 245; Durham v. Fire & Marine Ins. Co. (C. C.) 22 Fed. 470.

— Fraternal insurance. The form of life or accident insurance furnished by a fraternal beneficial association, consisting in the undertaking to pay to a member, or his heirs in case of death, a stipulated sum of money, out of funds raised for that purpose by the payment of dues or assessments by ali the members of the association.

— Guaranty insurance. a contract whereby one, for a consideration, agrees to indemnify another against loss arising from the want of integrity or fidelity of employes and persons holding positions of trust, or embezzlements by them, or against the insolvency of debtors, losses in trade, loss by non-payment of notes, or against breaches of contract. See People v. Rose, 174 111. 310, 51 N. E. 246, 44 In R. A. 124; Co.wles v. United States Fidelity & Guaranty Co., 32 Wash. 120, 72 Pac. 1032.

— Life insurance. That kind of insurance in which the risk contemplated is the death of a particular person; upon which event (if it occurs within a prescribed term, or, according to the contract, whenever it occurs) the insurer engages to pay a stipulated sum to the legal representatives of such person, or to a third person having an insurable interest in the life of such person.

— Live-stock insurance. Insurance upon the lives, health, and good condition of domestic animals of the useful kinds, such as horses and cows.

— Marine insurance. A contract whereby, for a consideration stipulated to be paid by one interested in a ship, freight, or cargo, subject to the risks of marine navigation, another undertakes to indemnify him against some or ali of those risks during a certnin period or voyage. 1 Phil. Ins. 1. A contract whereby one party, for a stipulated premium, undertakes to indemnify the other against certain perils or sea-risks to which his ship, freight, and cargo, or some of them, may be exposed during a certain voyage, or a fixed period of lime. 3 Kent, Comm. 253. Marine insurance la an insurance against risks connected with navigation, to which a ship, cargo, freightage, profits, or other insurable interest in movable property may be exposed during a certain voyage or a fixed period of time. Giv. Code Cal. § 2655. A contract of marine insurance is one by which a person or corporation, for a stipulated premium, injures another against losses occurring by the casualties of the sea. Co.de Ga. 1882, § 2824.

— Plate-glass insurance. Insurance against loss from the accidental breaking of plate-glass in windows, doors, show-cases, etc.

— Steam boiler insurance. Insurance against the destruction of steam boilers by their explosion, sometimes including indemnity against injuries to other property resulting from such explosion.

— Title insurance. Insurance against loss or damage resulting from defects or failure of title to a particular parcel of realty, or from the enforcement of liens existing against it at the time of the insurance. This form of insurance is taken out by a purchaser of the property or one loaning money on mortgage, and is furnished by companies specially organized for the purpose, and which keep complete sets of abstracts or duplicates of the records, employ expert title-examiners, and prepare conveyances and transfers of ali sorts. A "certificate of title" furnished by such a company is merely the formally expressed professional opinion of the company's examiner that the title is complete and perfect (or otherwise, as stated), and the company is liable only for a want of care, skill, or diligence on the part of its examiner; whereas an "insurance of title" warrants the validity of the title in any and all events. It is not always easy to distinguish between such insurance and a "guaranty of tiile" given by such a company, except that in the former case the maximum limit of liability is fixed by the policy, while in the latter cast the undertaking is to make good any and all loss resulting from defect or failure of the title.

— Tornado insurance. Insurance against injuries to crops, timber, houses, farm buildings, and other property from the effects of tornadoes, hurricanes, and cyclones. Other componnd and descriptive terms.

— Concurrent insurance. That which to any extent insures the same interest against the same casualty, at the same time, as the primary insurance, on such terms that the insurers would bear proportionately the loss happening within the provisions of both policies. Rubber Co. v. Assur. Co.., 64 N. J. Law, 580, 46 Atl. 777; Co.rkery v. Insurance Co., 99 Iowa, 382, 68 N. W. 792; Co.ffee Co. v. Insurance Co., 110 Iowa, 423, 81 N. W. 707, 80 Am. St. Rep. 311.

— Donble insurance. See Double.

— General and special insurance. In marine insurance a general insurance is effected when the perils insured against are such as the law would imply from the nature of the contract considered in itself and supposing none to be specified in the policy; in the case of special insurance, further perils (in addition to implied perils) are expressed in the policy. Vandenheuvel v. United Ins. Co.., 2 Johns. Cas. (N. Y.) 127.

— Insurance agent. An agent employed by an insurance company to solicit risks and effect insurances. Agents of insurance companies are calied "general agents" when clothed with the general oversight of the companies' business in a state or large section of country, and "local agents" when their functions are limited and confined to some particular locality. See McKinney v. Alton, 41 111. App. 512; State v. Accident Ass'n, 67 Wis. 624, 31 N. W. 229; Civ. Code Ga. 1895, § 2054.

— Insurance broker. A broker through whose agency insurances are effected. 3 Kent, Comm. 260. See Broker.

— Insurance commissioner. A public officer in several of the states, whose duty is to supervise the business of insurance as conducted in the state by foreign and domestic companies, for the protection and benefit of policy-holders, and especially to issue licenses, make periodical examinations into the condition of such companies, or receive, file, and publish periodical statements of their business as furnished by them.

— Insurance company. A corporation or association whose business is to make contracts of insurance. They are either mutual companies or stock companies. A "mutual" insurance company is one whose fund for the payment of losses consists not of capital subscribed or furnished by outside parties, but of premiums mutually contributed by the parties insured, or in other words, one in which all persons insured become members of the association and contribute either cash or assessable premium antes, or both, to a common fund, out of which each is entitled to indemnity in case of loss. My-gatt v. Insurance Co., 21 N. Y. 65; Insurance Ca. v. Hoge, 21 How. 35, 16 L. Ed. 61; Given v. Rettew, 162 Pa. 638, 29 Atl. 708. A "stock" company la one organized according to the usual form of business corporations, having a capital stock divided into shares, which, with current income and accumulated surplus, constitutes the fund for the payment of losses, policy-holders paying fixed premiums and not being members of the association uni ess they also happen to be stockholders.

— Insurance policy. See Policy.

— Over-insurance. Insurance effected upon property, either in one or several companies, to an amount which, separately or in the aggregate, exceeds the actual value of the property.

— Reinsurance. Insurance of an insurer; a contract by which an insurer procures a third person (usually another insurance company) to insure him against loss or liability by reason of the original insurance. Civ. Co.de Cal. § 2646; Insurance Co., v. Insurance Co.., 38 Ohio St. 15, 43 Am. Rep. 413.

assurance. A contract of indemnity for a stipulated consideration. Insurance whose agency insurance is effected. Insn^&ce sociation, x:ommonly incorporated, whose V. Double-insurance; Over-insurance; Policy;

A contract of indemnity against pecuniary consideration, v. Assurance. Integer,/. Entire; untouched; fresh. Res ter, hitherto undecided. Intendment of law. The true meaning of the Intentio, /. 1. The plaintiffs demand, 2. Intention Intentio cseca testamentum: an uncoroner's or sheriff's of Bce: the inquest by writ or commisthe King is inter- The verdict was death; an inquest of together.) An action counts.: on the informain a suit by the detheir own senses; as of mayhem, etc. Admiralty, as distinct dentium: like teeth. Romau law compiled of a clerk by the rector of a parish. certain risks for a Integra: a new matlaw. A presumption. count, or declaration. mala: if the purpose non leges intention!: the mteutiou should accord with the laws, not the laws with the intention.