A mercantile Instrument in writing, by which one party, in consideration of a premium, engages to indemnify another against a contingent loss, by making him a payment in compensation, whenever the event shall happen by which the loss is to accrue. 2 Steph. Comm. 172. The written instrument in which
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A mercantile Instrument in writing, by which one party, in consideration of a premium, engages to indemnify another against a contingent loss, by making him a payment in compensation, whenever the event shall happen by which the loss is to accrue. 2 Steph. Comm. 172. The written instrument in which a contract of Insurance is set forth is called a "policy of insurance." Civ. Code Cal. ? 2586. -Blanket policy. A policy of fire insurance which contemplates that the risk is shifting, fluctuating, or varying, and is applied to a class of property rather than to any particular article or thing. Insurance Co. v. Baltimore Warehouse Co., 93 U. S. 541. 23 L. Ed. 868.-Endowment poliey. In life insurance. A policy the amount of which is payable to the assured himself at the end of a fixed term of years, if he is then living, or' to his heirs or a named beneficiary if he shall die sooner.- Floating poliey. A policy of fire insurance not applicable to any specific described goods, but to any and all goods which may at the time of the fire be in a certain building.-Interest polioy. One where the assured has a real, substantia], and assignable interest in the thing insured; as opposed to a wager policy-Mined polioy. A policy of marine insurance in which not only the time is specified for which the risk is limited, but the voyage also is described by its local termini; as opposed to policies of insurance for a particular voyage, without any limits as to time, and also to purely time policies, in which there is no designation of local termini at all. Mozley & Whitley. And see Wilkins v. Tobacco Ins. Co., 30 Ohio, 340, 27 Am. Rep. 455.-Open poliey. In insurance. One in which the value of the subject insured is not fixed or agreed upon in the policy, as POLITICAL between the assured and the underwriter, hut is left to be estimated in case of loss. The term is opposed to "valued policy," in which the value of the subject insured is fixed for the purpose of the insurance, and expressed on the face of the policy. Mozley & Whitley. Riges v. Fire Protection Ass'n, 61 S. C. 448, 39 &. E. 614; Cox v. Insurance Co., 3 Rich. Law, 331, 45 Am. Dec. 771; Insurance Co. v. Butler, 38 Ohio St 128. But this term is also sometimes used in America to describe a policy in which an aggregate amount is expressed in %the body of the policy, and the specific amounts and subjects are to be indorsed from time te time. London Assur. Corp. v. Paterson. 10K Ga. 538, 32 S. E. 650.-.Paid-up policy. In life insurance. A policy on which no further payments are to be made in the way of annual premiums.-Time poliey. In fire insurance, one made for a defined and limited time, as, one year. In marine insurance, one made for a particular period of time, irrespective of the voyage or voyages upon which the vessel may be engaged during that period. Wilkins v. Tobacco Ins. Co., 30 Ohio St. 339, 27 Am. Rep. 455; Greenleaf v. St. Louis Ins. Co., 37 Mo. 29.-Valued polioy. One in which the value of the thing insured is settled by agreement between the parties and inserted in the policy. Cushman v. Insurance Co., 34 Me. 491; Riggs v. Insurance Co., 61 S. C. 448, 89 S. E. 014; Luce v. Insurance Co.. 15 Fed. Cas. 1071.- Voyage polioy. A policy of marine insurance effected for a particular voyage or voyages of the vessel, and not otherwise limited as to time. Wilkins v. Tobacco Ins. Co., 30 Ohio St. 339, 27 Am. Rep. 455.-Wager poliey. An insurance upon a subject-matter In which the party assured has no real, valuable, or insurable interest. A mere wager policy is that in which the party assured has no interest in the thins assured, and could sustain no possible loss by the event insured against if he had not made such wager. Sawyer v. Insurance Co.. 87 Wis. 539: Embler v. Insurance Co., 8 App. Div. 186, 40 N. Y. Supp. 450; Amory v. Oilman, 2 Mass, 1; Gambs v. Insurance Co., 50 Mo. 47. Politic legibus non leges politiis adap-tanda% Politics are to be adapted to the laws, and not the laws to politics. Hob. 154.
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