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I. THE FUNCTIONS OF FIRE AND MARINE INSUR-
Definition of insurance, 1. Extent of fire and
marine insurance business, 2. Benefits derived
from fire and marine insurance, 4. Substitution
of certain for uncertain loss, 4. Correct inspec-
tion and rating of risks, 7. Increased efficiency
through the elimination of worry, 9. Insurance
the basis of our credit system, 10. Marine in-
surance a national commercial weapon, 14.
II. THE POLICY CONTRACT IN FIRE INSURANCE
The fire insurance policy a personal contract,
16. The fire insurance policy a contract for in-
demnity, 17. Nature of the indemnity promised,
18. Rules underlying the interpretation of the
contract, 19. Benefit of doubt to the insured in
case of ambiguity, 20. Endorsements control
the regular provisions of the policy, 21. Each
policy is an independent contract, 22. Forfei-
ture generally limited to the continuance of
policy violation, 22. Development of the stand-
ard policy, 23. Grouping of provisions in the
policy, 27. Copy of New York standard fire
III. THE INSURED-INSURABLE INTEREST AND AS-
IV. THE MORTGAGEE CLAUSE
Mortgagee and mortgagor have separate insur-
able interests, 49. The mortgagee may insure
his own interest, 50. Mortgagee may take the
mortgagor's policy by way of assignment, 51.
Mortgagor's policy endorsed “loss, if any,
payable to mortgagee as his interest may ap-
52. The “mortgagee clause,” 53. Ad-
vantages of the mortgagee clause, 55. Analysis
of the clause, 56. Payment of loss to mortga-
gee, 56. Mortgagee's interest not invalidated by
act or neglect of mortgagor, 57. Mortgagee
liable for the premium, 57. Cancellation of the
mortgagee's protection, 58. Subrogation when
mortgagor violates policy, 58. Special or
blanket agreements, 59. Contribution under the
mortgagee clause, 59.
VII. DESCRIPTION OF THE PROPERTY INSURED
Policy provisions relating to the subject, 97.
Description of character and location of risk, 97.
Different interpretations of this provision, 98.
Concealment or misrepresentation of material
facts, 100. Doctrine of the entirety of the con-
tract, 101. Examples of its application, 101.
Reasons for enforcing this doctrine in certain
cases, 103. Warranties and representations, 104.
Distinction between warranties and representa-
tions, 105. State statutes relating to warran-
VIII. THE RISK ASSUMED UNDER THE POLICY . 107-120
Definition of the insurer's liability under the
policy, 107. The doctrine of proximate cause,
109. Examples of its application, 109. Doctrine
of proximate cause in marine insurance, 111.
Meaning of “loss and damage by fire,
Excluded risks, 113. Excluded articles, 116.
Company's liability for loss limited to the
actual cash value of the property, 117. Com-
pany's option to rebuild or replace, 118. Aban-
donment of property to company prohibited, 119.
IX. TERM OF THE CONTRACT-RENEWAL AND CAN-
Policy definition of vithe term, When
the policy takes effect, 121. The “binding”
of insurance, 122. Retroactive insurance, 124,
“Open policies,” 125. Renewal of the contract,
125. A renewal policy legally a new contract,
126. Description of the property in renewal
contracts, 126. Right of cancellation and rea-
sons for, 127. Cancellation clause of the stand-
ard policy, 127. Tender of the unearned pre-
mium, 128. Notice of cancellation, 129. Short
rate tables explained, 130. Sample short rate
Meaning of coinsurance, 158. Wording of dif-
ferent clauses, 158. Application of coinsurance
illustrated, 159. Reasons justifying coinsurance,
162. Justice between property owners secured,
162. Rates of premium similar to tax rates,
166. Protection of small against large owners
made possible, 168. Anti-coinsurance laws, 169.
Graded rate systems, 170. Special coinsurance
clauses, 173. Other leading clauses distributing
loss or limiting the insurer's liability, 174. Pro
rata clause, 174. Pro rata distribution clause,
174. Two-thirds vacancy clause, 175. Three-
fourths value clause, 176. Three-fourths loss
/ XIII. REINSURANCE
Definition of reinsurance, 178. Extent of rein-
surance, 179. Reasons for reinsurance, 179.
Conditions required in effecting reinsurance, 182.
Sample reinsurance form, 184. Types of rein-
surance agreements, 185. Agreements covering
specific risks, 185. Reinsurance “clearing
houses” or “exchanges, 185.
participating arrangements," 186. Reinsurance
“pools” or “syndicates,
XIV. POLICY ENDORSEMENTS IN FIRE INSURANCE .
Standard policy not adapted to meet all kinds
of circumstances, 192. Forms or clauses descrip-
tive of the property or interest insured, 193.
Clauses describing the property, 193. Clauses
describing the insured's interest, 194. Clauses
permitting changes in the location of the prop-
Clauses allowing an adjustment in
the insurance coverage, 195. Clauses extending
the insurance coverage,
limiting or distributing the indemnity, 196.
Endorsements decreasing the hazard, 196. Per-
mits, mostly suggested by the policy, which in-
crease the hazard, 198.
XV. USE AND OCCUPANCY, PROFITS, AND RENT IN-
The standard fire policy incomplete in its cov-
erage against loss by fire, 202. Use and occu-
pancy insurance, 203. Meaning and application
of use and occupancy insurance, 203. Items
usually constituting the value of use and occu-
pancy, 206. Policy definition of buildings,
machinery and equipment, 206. Company's
liability under use and occupancy insurance, 207.
Other leading provisions and endorsements, 208.
Profits and commissions insurance, 210. Lead-
ing differences between profits insurance and
use and occupancy insurance, 210. Nature of
the protection under profits insurance, 210.
Nature of the protection under commissions
insurance, 210. Policy provisions under profits
and commissions insurance, 211. Rent, rental
value, and leasehold insurance, 213. Nature of
service performed by rent insurance, 213. Mean.
ing of the several types of rent coverage, 214.
Leasehold insurance, 214. Ground rent insur-
Different degrees of coverage ob-
tainable under rent and rental value insurance,