Page:Black's Law Dictionary (Second Edition).djvu/918

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welfare or prosperity of the state or com- munity.

—Policy of a statute. The “policy of a statute.” or "of the li::;is'l2)tu|'e," as applied to a penal or prohihitiic stiitiita, means the intention of discouraging conduct of a mischievous tendency. See L. IL 6 P. C. 134; 5 Barn. & \ld. 335; P01. Cont. %.—Pclicy of the law. By this phrase is understood the disposition of the law to discountcnauce certain classes of acts. transactions, or agreements. or to refuse them its sanction, because it considers lheni immoral, detrimental to the piihlic welfare. subversive of good order, or otherwise contrary to the plan and purpose of civil regulations. —Public policy. The principles under vihicb the freedom of Lontilitt or private dealings in restricted by law for the good of the community. \\ hiirton. The term "policy." as applied to B. statute. reguL1tion. rule of Law. course of action, or the like, refers to its probable effect, tendency, or object. considered with reference to the social or political aell-being of the state. Thus. certain classes of acts are said to be "against public policy." when the law refusis to cnforce or recognize them, on the ground that they have a mischievous tanrlency, so as to be injurious to the interests of the state. apart from illegality or immorality. Sweet. And see Eizerton v. Earl Iirounlow. 4 I]. L. Casi. Smith v. lliilroad Co.. 115 Cal. 584. 47 . 582. 35 L. It. A. 309. 56 Am. St. Rep. 119; Tarbell 17. Railroad Co.. 133 Vt 347. 51 Atl. 6, 56 L. R. A. (156. E" Am St. Rel). 734; Hart- ford F. Ins. Co. v. Cllillinb. etc., It. Co.. 175 U.

01. 20 Sup. Ct. 743. 44 L. Ed. 84; Enuers. 16-1 I'a. 266. 30 At]. 129. 27 L R . 56. 44 Am. St. Rep. 598: Smith v. Du Bose, 78 Ga. 413, 3 S. E. 309. G Am. St. Re . 260: Billingsley v. Cleiliinrl. 41 W’. Va. 234, S. E. 812.

POLICY OF INSURANCE. A n1erczinthe instrument in writing, by which one party, in consideration or a premium, engages to indemnify another against a contingent loss, by malting him a payment in compensation, whciieier the event shiiii happen by which the loss is to accrue. 2 Steph. Comm. 172.

The written instrument in which a contract of insurance is set forth is called a "policy or insurance." Oiv. Code Cal. § 2386. —-Blanket policy. A policy of fire lflfilll‘-‘IDCE which conteinpliitcs that the risk is shifting, fiiictuating, or iarying, and is applied to a class of property rather than to any particular article or thing. Insurance Co. v. Baltimore W.-ire- house Co.. 93 U. S. 511, 28 L. Ed. BGS.—En- ldawment policy. In life insurance. A policy the amount; of which is payable to the assured himselt at the end of a fixed term of years, if he is then living, or to his heirs or B. nziineil lK'IlEIlf“l:il‘y it he shall die sooner.- Flonting policy. A policy of tire insurance not Il[l[|llCdl\lE to any specific described goods, hot to any and all goods which may at the time of the fire be in a certain building.-—Intorest policy. One where the assured has a real. suhstantlal, and assignable interest in the thing insured; as opposed to a wager pol.icy—1VIixei1 policy. A policy of marine ll'iSlll'Lil]Ce in which not only the time is specified for which the risk is limited, but the voyage also is described by its local termini: as opposed to policies of insurance for in particular voyage, without any limits as to time, and also to purely time policics. in which there is no designation of local tci-niini at all. Mosley & Whitley. And see Wilkins v. Tobacco Ins. Co.. 30 Ohio, 340, 27 Am. Rep. 4E:'i.—0pen policy. In insurance. One in which the value of the subject insured is not fixed or agreed upon in the policy, as


-nient. state or national.


between the assured and the underwriter. lint is left to be estimzitcd in case of loss. The term is opposed to "valued policy," in which the value of the subject insured is fixed for the purpose of the insurance, and expressed on the face of the policy. Mozley & Whitley. Riggs v. Fire Protection Ass‘n, 61 S. C. 448. 39 S. E. 614: Cox 1'. Insurance Co.. 3 Rich. Law. 331. 45 Am. Dec. 771; Insurance Co. v. But- ler, 38 Ohio St. 128. But this term is also sometimes used in America to describe a polia in which an aggregate amount is expressed in the body of the policy, and the specific amounts and subjects are to be indorsed from time to time. London Assur. Corp. v. Paicrsnii. 10Ii Ga. 533. 32 S. E. G50.—Ps.iil-up policy. in life insurance. A policy on which no further payments are to be ni-axle in the way of annual premiums.— policy. In fire insurance, one made for a defined and limited time, as, one you r. In marine insurance. one made for a particular period of time, irrespective of the voyage or voyages upon which the vessel miiy be engaged during that period Wilkins v. Toliacco Ins. Co.. 30 Ohio St. .539. 27 Am. Rep. 455; Grecnlcnf v. St. Louis Ins. Co.. 37 Mo. 29.—Valned policy. One in which the value of the thing insured is settled by agreement between the parties and inserted in the [)OllLy. Cusliman v. Insurance Co.. 34 Me. 491: Rises v. Insurance Co.. 61 S G. 4-18. 39 S E. (514; Luce v. Insurance Co.. 15 Fed. Cas. 1071.- Voyoge policy. A policy of marine insurance efii-vied for a particular voyage or voyages of the vcssel, and not otbcriiise limited as to time. Wilkins v. Tohscco Ins. Co.. 30 Ohio St. -. 27 Am. Rep. 455.—Wnger policy. An insur- ance upon a. suhjev.-t-matter in which the party assured has no real, valunhle, or insurable iiiterest. A mere wager policy is that in which the party assured has no interest in the thing assured, and could sustain no possible loss by the event insured against. it he had not made such ii--iger. Sewyer v. Insurance Co.. 37 \ s. 5" Einbler v. Insurance Co.. 8 App. Div. 130, 40 N. Y. Supp. -150: Amory v. Gilmnn, 2 Max 1: Giimbs v. Insurance Co.. 50 Mo. 47.

Politiae legilnis non leges politiis adaptnndae. Politics are to be adapted to the laws, and not the laws to politics. Hob. I51.

POLITICAL. Pertaining or relating to the policy or the administration of govern- Sce People v. Morgan, 90 IiL 558: In re Kemp, 16 Wis. $6. —-Political in-itlinietic. An exnr times used to sisiiifv the art of m-il


ng calculations on matters relating to a nation: the revenues, the mine of land and eficcts; the _produv-e of lands and manufactures; the population, and the general statistics of a country. Wharton.

—Politica1 corporation. A public or munit- lpal corporation; one created for political purposes, and having for its object the administration of governmental poweis of a subordinate or local nature. Ivinspenr v. Holman Dist. Tp.. 37 Iowa. 544; Auryansen v. Hnchensacli Imp. Com'n. 45 N. J. Law. 11.): Ciirry v. Distriit Tp.. 62 Iowa. 102. 17 N. W. 191.—Po1itionl economy. The science which describes the methods and laws of the production. distribution. and consumption of wealth, and treats of eco- nomic and industrial conditions and laws, and the rules and principles of rent, wages. capital. is- bor. exchanges. money. population. etc. The sci- ence which determines what laws mm ought to adopt in order that they may, with the least possible exertion, procu re the greatest abundance of things useful for the satisfaction of their wants, may distribute them justly, and consume them rationally. De Laveleye Pol. Econ. The sci-

ence which treats of the iidniinistriition of the revenues of a nation, or the management and