An Outline of the Law of Insurance

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West Publishing Company, 1895 - Insurance law - 106 pages

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Page 86 - If the death is caused by the voluntary act of the assured, he knowing and intending that his death shall be the result of his act, but when his reasoning faculties are so far impaired that he is not able to understand the moral character, the general nature, consequences and effect of the act he is about to commit, or when he is impelled thereto by an insane impulse, which he has not the power to resist, such death is not within the contemplation of the parties to the contract, and the insurer is...
Page 17 - Any contingent or unknown event, whether past Or future, which may damnify a person having an insurable interest, or create a liability against him, may be insured against, subject to the provisions of this chapter.
Page 53 - Each party to a contract of insurance must communicate to the other, in good faith, all facts within his knowledge which are or which he believes to be material to the contract, and which the other has not the means of ascertaining, and as to which he makes no warranty.
Page 72 - And it is further provided in the policy that "if the interest of the assured in the property be any other than the entire, unconditional and sole ownership of the property for the use and benefit of the assured, or if the building insured stands upon leased ground, it must be so represented to the company, and so expressed in the written part of this policy; otherwise, the policy shall be void.
Page 98 - It is indeed the general rule that a policy, and the money to become due under it, belong, the moment it is issued, to the person or persons named in it as the beneficiary or beneficiaries; and that there is no power in the person procuring the insurance, by any act of his, by deed or by will, .to transfer to any other person the interest of the person named.
Page 103 - ... in the absence of any change increasing the risk without the consent of the insurers, and also of intentional fraud on the part of the insured, in case of total loss, the whole amount mentioned in the policy or renewal upon which the insurers receive a premium shall be paid, and in case of a partial loss the full amount of the partial loss shall be paid...
Page 50 - ... such accepted by the insurers, may be illustrated by two cases of fire insurance, which are governed by the same rules in this respect as cases of life insurance. If one applying for insurance upon a building against fire is asked whether the property is incumbered, and for what amount, and in his answer discloses one mortgage, when in fact there are two, the policy issued thereon is avoided.
Page 1 - Lord Mansfield was speaking of a policy against marine risks, which is in its terms a contract for indemnity only. But that is not of the nature of what is termed an assurance for life: it really is what it is on the face of it,— a contract to pay a certain sum in the event of death. It is valid at common law ; and, if it is made by a person having an *interest in the duration of the life, it is not prohibited by the statute...
Page 90 - And no officer, agent, or other representative of the company shall have power to waive any provision or condition of the policy...

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