Insurance Laws

Insurance Laws

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1909 edition. Excerpt: ...shall be elected for the longest term for which any class may have been elected, as hereinbefore provided. And in case a vacancy or vacancies shall happen in the number of said directors, the board of directors shall choose and elect a proper person, or proper persons, to fill such vacancy or vacancies during the remainder of the term or terms for which the person or persons, in whose place or places such vacancy or vacancies shall have happened, shall have been elected. Section 5. Any mutual company, organized under the provisions of this act, shall be authorized to do the business of insurance when it shall have received, from not less than five hundred persons, applications for insurance against death amounting to not less than fifty thousand dollars, upon which applications one-twelfth of the annual premiums shall have been paid: Provided, That no such company shall be au-VrorlK) thorized to do the business of insurance until it shall have deposited with the Insurance Commissioner the Defetlt tb lu. Buui of five thousand dollars in cash or approved se-JJTMTM commu curities; which sum the Insurance Commisisoner is hereby authorized and empowered to receive, and it shall be his duty to hold the same for the benefit of the members of such corporation and its creditors, preference being given thereto in the following order, to wit: First, claims under policies; second, salaries of employes; third, general creditors. Section 6. Any corporation now formed or organized under the provisions of the ninth paragraph, section two, of the act, entitled "An act to provide for the incorporation and regulation of certain corpora tions," approved April twenty-ninth, one thousand eight hundred and seventy-four, namely: "The maintenance of a...show more

Product details

  • Paperback | 42 pages
  • 189 x 246 x 2mm | 95g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236546857
  • 9781236546852