Page:Black's Law Dictionary (Second Edition).djvu/650

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INSURANCE

gations on the part of the other contracting party: to this class belong olicies of contract credit and titie insurance. owles v. Guaranty Cu.. 32 Wash. 120. '2 Par. 1032. 98 Am. St. Ilep. S3S.—En1plnyer'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 Olli- er employe in the course of his employment, either at common law or under statutes imposinz such liabilily on employers.—Fiilelity insurance is that form of insurance in which the insurer undertakes to guaranty the fidelity of an officer. n,:cnt, or employé of the assured. or rather to nileranify the latter for iosses caused by dishonesty or a want of fidelity on the part of such a periwn. See People v. Rose, 174 ill. 310. 51 N. E. 246. 44 L. R. A. 124.- Fire insurance. A contract of insurance by which the underwriter, in consideration of Llie premium. undertakes to indemnify the insured against all losses in his houses, buildings, furniture. ships in port, or merchandise, by means of accidental fire happening wit in a. prescribed period. 3 Kent, Comm. 370', Mutual L. Ins. Co. v. Allen, 138 Mass. 27, 52 Am. Rep. 245', Durham v. Fire & Marine Ins. Cu. (O. C.) 22 Fed. -1'i'0.—l‘raternal insur- ance. The form of life or accident insur- anie 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 assess- ments by oil the memhers of the assoc'iatIou.— Guaranty insurance is in contract whereby one, for a consideration. agrees to indemnify an- other Ilgtlinsl loss arising from the want of integrity or fidelity of employes and persons holding p0Slti0l'lS of trust, or embezzlements by them, or against the insolvency of dchtorii. losses in trade. ioss by non-payment of notes. or against breaches of contract. See People v. Itose. 174 Iii. 310. 5] N. E. 246. 44 L. R. A. 124: Cowles v. United Stzites Fidelity dc Gu-minty Co.. 32 Vllash. 120. 72 Pac. 10. --Life insurance. That kind of insurance in uhich 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 occurii) the insurer engages to pay a stipulated sum to the legal representatives of such person, or to a third person haiing an insurable interest in the life of such person.—Live-stock insurance. Insurance upon the lives. health, and good condi- -tion of domestic nnimals of the useful kinds, such as hoises and cows.-lVIa.rine insurance. A contract u-hereby, for a consideration stipu- lated to be paid by one interested in a ship, fr-eight, or cargo, subject to the risks of marine uaugation, another undertakes to indemnify hiiu against some or all of those risks during a certain period or voyage. 1 1’hil. Ins. 1. A contract whereby one party, for a stipulated premium, iiridertakcs to indemnify the other against certain perils or sea-risks to which his ship. freight, ‘ind c:ir,=.'o, or some of them, may be exposed durinv a certain voyage or a fixed period of time. '5; Kent, Comm. 253. Marine insurance is an insurance against risks connected with navigniiou_ to which a sh p. cargo, treightage, pruhts, or other insurable interest in uiovable property may be exposed during a l:!‘Il.:1In voyage or a fixed period of Lime. Civ. L'udc _Cal § 2(5):’). A contract of marine insur- ance is one by which a _person or corporation, for_ s stipulated pi-_em1um. insures another against losses occurring by the C:1SI1Ill[iPs of the sea. Code Ga. ISSZ. § 2S24.—P1ate-glass insurance. Insurance against loss from the nccidentai breaking of plate-glass in windows, doors, show-cases, etc.—Stenni boiler insur- Insurance against the destruction of steam boil. s by their explosion, soracthuos icniuding indciniiity against injuries to other


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INSURANCE

property resulting from such explosion.—Title uisurance. Insurance against loss or damage resulting from defects or failure of titie to 1 partieuiar parcel of realty, or from the enforcement of liens existing against it at the time of the insurance. This form of insurance is tuhen out by a. purchaser of the property or one loaning money on niorlgage, and is furnished by companies speciaily organized for the purpose. and which keep complete sets of ahstmcts or duplicates of the records. employ exuert mil?‘ examiners, and prepare conveyances and transfers of all sorts. A “cerficate of title" furnished by such a coinpiuiy is inert-ly the formally expressed professional opinion of the company's examiner that the title is complete and perfect (or otherwlse, as stated). had the company is liable only for a want of care, skill, or diligence on the part of its examiner; where- as an “insurance of titie" warrants the valid- ity of the title in any and all events. It is not always easy to distinguish between such insur- ance and a “guaranty of title" 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 rcsuiting from defect or failure of the t.itlc.—'l'ornado insur- ance. Insurance against injuries to crops, timber. houses, farm buildings, and other prop- erly from the effects of tornadoes. hurricanes. and cyciones.

Other compound and descriptive terms. —Concarrent insurance. That which to any extent insures the same interest against the same casualty, at the same time, as the primary insurance, on such tenns (list the insurers would bear ' :2 loss 1

pening within the prosi ons of both pol ics

ltuhbe Co. v. Assur. -1- i\‘. 5%, 4|} Ati. 777: Curkerv v. ., 99 Iowa, 332. 68 N. W’. 792: C<1iIee Co. 7. ur- ance Co.. 110 Iowa. 423. 81 N W. 707. 80

Am. St. Rep. 311.-Double insurance. See DOUBLE.-General and special insurance. In marine insurance a gcneial insurance is etIccted 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 peiiisi are eipresscd in the policy. Vandenheuvcl \'. United Ins. (‘o._ 2 Johns. Cns. (N. I.) l‘.’.T.—Insuranee agent. An agent employed by an insurance company to solicit risks and eifcct insurances. Azenis of insurance companies are called "general agents" when clothed with the general mersight of the companies’ business in a state or large section of country, and “local agents" when their functions are limited nnd confined to some particular locality. Sec lllcliinuey V. 41 Ill. App. 512: State v. Accident Ass'n, 67 Wis. 624. 31 N. W. 229: (‘iv. Code Ga. 1895. § 205-1.—Insux-once broker. A broker through whose agency insurances are effected. 3 Kent, Cnmln. 2.60. See BROKER. —InsIu-ance coniniissioner. A public officer in severni 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 beneht of poiicy-holders, and especially to issue licenses, make periodical examinations into the condition of such companies, or receive. file, and publish periodical statements of their busi- ness as furnished by them.—-Insurance coni- pany. A corporation or association whose business is to make cont-mets of insurance. They are either lnutnnl companies or stock companies. A “mutual" insurance company is one uhosc 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 pLl‘SOl|s insuied