Insurer

“ If, during the cover period, the possibility of the occurrence of insured events has been substantially altered or increased by intention or gross negligence of the policyholder, of the insured, or of the beneficiary, the insurer may request an increase in the premium or terminate the contract within one month after it becomes aware of the fact. ”

“ The object for which insurance exists is to guard against certain accidents to which we are all liable, such as the destruction of property by fire, or the loss of future earnings by disablement or death. An agreement is entered into by which one party, known as the insurer or assurer, agrees to pay to another, called the insured or assured, a certain sum in the event of the particular event insured against happening.
The document which states the conditions of this agreement is called the policy, and the payment made on account of the insurance is known as the premium. ”

“ In that case it was held that, where the assured contracts with one as the agent of the insurer, believing him to be such, and does not employ such supposed agent to act for him in obtaining insurance, such person has no power to act for or bind the insured, though the policy may provide that the person procuring the insurance shall be deemed the agent of the insured, and not of the company. ”

“ Where several insurance contracts have been made simultaneously or successively with regard to the same subject-matter insured contract and the same events, if the total of the insured amounts exceeds the insurable value, the individual insurer has a joint and several liability up to the amount insured by each one. In this case, each insurer's liability for indemnification is subject to the ratio that the amount insured by each one has to the total insured amounts. ”

“ No. 10,364, a clause in the reinsurance policy stated that 'loss, if any, payable at the same time and pro rata with the insured;' and it was held that such language simply gives to the company the benefit of any defense, deduction, or equity which the first insurer may have, making the liability of the reinsurer the same as the original insurer. It does not limit such liability to what the original insurer may have paid or be able to pay. ”

“ If the subject-matter of insurance has been totally destroyed, the insurer which has paid the whole insured amount shall acquire the rights of the insured to the subject-matter: Provided, That in case where only a part of the insurable value has been insured, the rights which are to be acquired by the insurer shall be determined according to the ratio of the insured amount to the insurable value. ”

“ Now, let us suppose that he applies to and is insured in a stock company; he gets his policy for $1,000, and pays for it one per cent., $10. He is entitled to the same indemnity in case of a loss as he was in the mutual company; but when he pays his premium, he ceases to have any further interest in the successful operation of the company; he is the insured, but not the insurer; and whether the company make gains of suffer losses, matters not to him, provided the company continues solvent. ”

“ When procuring the policy, obtaining applications of employees, taking pay roll deduction orders, reporting changes in the insured group, paying premiums, and, generally, in doing whatever may serve to obtain and keep the insurance in force, employers act not as agents of the insurer, but for their employees or for themselves. ”

“ The modern policy provides that it shall be void if the insured "now has or shall hereafter make or procure any other contract of insurance, whether valid or not, on property covered in whole or in part by this policy." If the insured effects other insurance he must not forget to obtain consent of the insurer, and should he forget his good intention will not preserve his policy. ”

“ Such insurance broker shall exercise due care in the placing of insurance and shall procure from the supervising official in the state or county in which the home office of the insurer is located a certificate to the effect that the insurer is safe and solvent and is authorized to do business. ”

“ He shall furnish the insured a statement showing the financial condition of the insurer and such other information as the insured may require. He shall report to the insurance commissioner in detail the amount of insurance placed and the premiums paid therefor, and shall pay to the insurance commissioner the additional license fee herein provided. ”

“ It seems to us equally clear that no distinction can be drawn between the case just supposed and that of insurance; for the policy of insurance in cases of total loss is analogous to a contract of sale, by which the ship, or what remains of her, or the hope of her recovery, become. on the happening of the contingency, the property of the insurer, and the insurance money payable, the price, as upon a conveyance. ”

“ The general end of such legislation is that the employer shall become the insurer of the employee against injuries from the employment without regard to the negligence, if any, through which it occurred, leaving to the employer to protect himself by insurance and to compensate himself for the additional cost of production by adding to the prices he charges for his products. ”

“ An insurer may, of course, assume the risk of such changes in the insured's health as may occur between the date of application and the date of the issuance of a policy. Where the parties contract exclusively on the basis of conditions as they existed at the date of the application, the failure of the insured to divulge any later known changes in health may well not affect the policy. Mutual Ben. Life Insurance Co. ”

“ Dabinson, (14 Sim., 273,) an insurer enforced a lien on a judgment recovered by the assured for a loss, where the loss had been partially settled by him, on the policy. (Monticello v. Morrison, 17 How., 152.) These cases also show that an insurer may apply to equity whenever an impediment exists to the exercise of his legal remedy in the name of the assured. ”

“ There are companies, too, which insure against accidents sustained by rail, road, or water, guaranteeing a specified sum in case of death, and compensation in case of injury. Also societies which take the place of sureties and guarantee an insurer against loss or default by anyone in his employ ”

“ The provision in the policy is one for the protection of the insurer, who is entitled, if he insists upon it in his questions, to be apprised of any fact which qualifies or limits the interest of the insured in the property, and would naturally tend to diminish the precautions he might take against its destruction by fire. ”

“ The Association shall not be deemed to be an insurer or insurance producer within the meaning of any State law, rule, regulation, or order regulating or taxing insurers, insurance producers, or other entities engaged in the business of insurance, including provisions imposing premium taxes, regulating insurer solvency or financial condition, establishing guaranty funds and levying assessments, or requiring claims settlement practices. ”

“ VI. Every insurance is for seven years; and such insurance is to continue in force till six o’clock of the evening of that day seven years, on which the same is dated; and in the mean time such insurers property in the premises insured ceases, when such insurer or legal representative, may receive the return of deposit due upon the respective policy or policies, the same being delivered up to the office to be cancelled. ”

“ If premium installments are not paid at an agreed time, the insurer may demand the policyholder to pay them within a reasonable period specified, and if he fails to do so, the insurer may rescinded the contract. ”

“ Thus, if A lend £100 to B, who can give nothing but his personal security for repayment; in order to secure him in case of his death, B applies to C an insurer, to insure his life in favour of A, by which means, if B die within the time limited in the policy, A will have a demand upon C for amount of his insurance. ”

“ In those branches of insurance where the contract is one of indemnity against loss, the risk remaining the same from year to year—and where the consent of both parties, insurer and insured, is required at each periodical renewal—no question of allowance in respect of past payments Surrender values. can arise when one party or the other determines to drop the contract. ”

“ An employee may elect insurance under the policy by completing any form of pay roll deduction order approved by the employer. Each employee electing the insurance before becoming eligible will be insured automatically on the day he becomes eligible. On the effective date of the policy and on each annual renewal date an average annual premium rate will be established. The employer shall give the insurer notice of terminations of insurance and additions of employees becoming eligible. ”

“ If insurance be made in this manner, for which a slightly higher rate of pre- mium is paid, it will be found that, however long a person might live, more would accrue at death by insurance than by saving.
There are in active existence so many insur- ance companies of good repute and undoubted stability that no difficulty need be experienced in making a judicious selection. Of course, the intelligent insurer would prefer an office whose system would best suit his own requirements. ”

“ If fires destroy a million of dollars’ worth in property insured for its full value, and a million’s worth more in property insured for one-tenth of its value, the insurers will pay $1,000,000 upon the first group and more than $750,000 upon the second. But if all the insurance is taken at the same rate the insurers will have received premiums ten times as great on the former group as upon the latter. ”

“ The ship owner has his rights, and is not bound to forego his lien on the cargo for the freight, and to look to an absent, or insolvent owner, or insurer, for indemnity. The master is his agent to receive the freight, as well as agent of the underwriter to remit the salvage, and has a right, nay, is bound, to take care of the interests of his employer. ”

“ II. Every person designing to insure, shall before surveying the goods, pay 10s. earnest money, to go towards the charge of insuring, if agreed to, and the policy be taken up within three months after, otherwise the said 10s. is sunk to the society: but if the directors do not agree to such insurance, the earnest money to be returned. Also old policies directed to be renewed, and not taken away within three months are also to be cancelled, and the charge of the policies and stamps of such renewals deducted out of the deposit-money of such insurers. ”

“ Any one or more of such insurers singly or jointly may employ for the making of such general basis schedules and rates and the filing of the same the services of such experts as it, or they, may deem advisable for such purpose. ”

“ INSURANCE AGENT: But if your house burns without insurance it will be a total loss. HOUSE OWNER: Beg your pardon -- by your own actuary's tables I shall probably have saved, when it burns, all the premiums I would otherwise have paid to you -- amounting to more than the face of the policy they would have bought. But suppose it to burn, uninsured, before the time upon which your figures are based. If I could not afford that, how could you if it were insured? INSURANCE AGENT: O, we should make ourselves whole from our luckier ventures with other clients. Virtually, they pay your loss. ”

“ In an ordinary life assurance or endowment assurance contract the policyholder has the knowledge that either he or his dependents are assured of the payment of a sum on the occurrence of an event that must happen. In the various forms of insurance, such as fire insurance, marine insurance, accident insurance or burglary insurance, the policyholder pays a premium in order to be insured against a contingency which, if he is an honest man, he hopes will never occur. ”

“ When the sum insured is large, a higher premium per cent. is demanded; and money, papers, pictures, gunpowder, and jewels, are excluded.—If an article be falsely described, in order that it may be insured at a lower premium, the policy is justly void. An insurance made on the same subject at different offices, must be specified by indorsement on the policy; and, in case of loss, the offices pay a sum in proportion ”

“ To indulge in outdoor life, the townships of Darlington and East and West Whitby were traversed by me as sub-agent for a farmers’ insurance company. There was not much difficulty in securing renewals of policies, but it was uphill work to get new business. The general excuse for refusal to insure was that Mr. Farmer had been insured before and had never made anything out of it. My throat used to get dry as a tin horn in trying to explain that the company couldn’t exactly guarantee a “blaze”, but the insurance policy was to protect the insure in case of fire. ”

“ Throughout the policy, wherever the subject intended to be insured is spoken of, it is described, not as a partial interest, not as a mere lien for advances and charges upon the goods held in storage, but as the property itself, whatever might be the existing rights to it. Thus the insurance company covenanted to make good to the assured all such loss or damage, not exceeding the sum insured, as should happen by fire 'to the property as above specified.' What that specification was, we have seen. ”

“ If the insured dies before premium payments cease, under the terms of the policy, the beneficiary receives the full amount of the policy. If the insured lives beyond the stated period, he is entitled to receive the amount written on the face of the policy or he may be allowed to receive a paid-up policy for some specified sum. A policy of reinsurance is simply a contract made by one insurance company with another, whereby the first reinsures with the second some individual risk which it has itself accepted and insured. ”