Page:United States Statutes at Large Volume 76A.djvu/304

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-208(B) if the insurance is of a character where the exact premium is only determinable upon the termination of the contract, the basis and rates upon which the final premium is to be determined and paid. § 3393. Coverage of specified insured's interest When the name of the person intended to be insured is specified in a policy, it can be applied only to his own interest. § 3394. Insurance by agent or trustee When an insurance contract is executed with an agent or trustee as the insured, the fact that his principal or beneficiary is the real party in interest may be indicated by describing the insured as agent or trustee, or by other general words m the policy. § 3395. Insurance by part n e r or part-owner To render an insurance, effected by one partner or part-owner, applicable to the interest of his copartners, or of other part-owners, it is necessary that the terms of the policy be such as are applicable to the joint or common interest. § 3396. General description of insured When the description of the insured in a policy is so general that it may comprehend any person or any class of persons, only he who can show that it was intended to include him may claim the benefit of the policy. § 3397. Insurance of future owners A policy may be so framed that it will inure to the benefit of whosoever, during the continuance of the risk, becomes the owner of the interest insured. Article B—Types of Policies § 3411. Open and valued policies A policy is either open or valued. § 3412. Definition of open policy An open policy is one in which the value of the subject-matter is not agreed upon, but is left to be ascertained in case of loss. § 3413. Definition of valued policy A valued policy is one which expresses on its face an agreement that the thing insured shall be valued at a specified sum. § 3414. Definition of r u n n i n g policy A running policy is one which contemplates successive insurances, and which provides that the object of the policy may be from time to time defined, especially as to the subjects of insurance, by additional statements or indorsements. Article C—Warranties § 3421. Express or implied A warranty is either express or implied. § 3422. Express w a r r a n t y A statement in a policy, of a matter relating to the person or thing insured, or to the risk, as a fact, is an express warranty thereof. § 3423. For m of words A particular form of words is not necessary to create a warranty.