Commentaries on the Law of Insurance; Including Life, Fire, Marine, Accident and Casualty, and Guaranty Insurance in Every Form as Determined by the Courts and Statutes of England and the United States Volume 2

Commentaries on the Law of Insurance; Including Life, Fire, Marine, Accident and Casualty, and Guaranty Insurance in Every Form as Determined by the Courts and Statutes of England and the United States Volume 2

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1895 edition. Excerpt: ...insurer in the proceedings to wind it up. The sole question raised before the New York Court of Appeals on an appeal was, whether a person insured forfeited his policy by omitting to pay annual premiums thereon when the company issuing such policy had ceased its business and transferred all of its assets and became insolvent. Ruger, C. J., speaking for the court, said: " It would seem to be an inequitable rule that would require a policy-holder to continue for years in the payment of annual premiums upon a. life insurance policy to a. corporation utterly unable to perform its obligation, and which by its situation is precluded from even possibly improving its condition in the future, or forfeit all that he has previously paid in performance of his contract." After a recitation of the facts in the case under consideration, he resumed: " If the insurer has violated its contract and voluntarily disabled itself from performance, the insured is doubtless excused from further performance or offer to perform on his part, and may recover such damage as he can show he has suffered." 980. The same subject continued.--He continued: "The circumstance that an insurance company is authorized by statute to effect an insurance upon its outstanding risks, or is permitted to discontinue its business and wind up its affairs, does not release it from any of its existing obligations. There is no principle of law which permits an insurance company any more than a private individual by its own act to avoid the performance of its contracts; and the provisions of the statute in question were intended simply to empower an insurance company to protect itself by voluntary engagements with others from eventual or continued loss, and do...show more

Product details

  • Paperback | 402 pages
  • 189 x 246 x 21mm | 717g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236794990
  • 9781236794994