"to be done, he fhould fuffer death as a felon." of fuch a provifion was fo great, that a fimilar 22 & 23 Cha. law was made a few years afterwards, and is ftill z. c.11.6.12. in force. As the commerce of the country increased to an amazing degree, fo the custom of lending money on bottomry became also very prevalent: and as the lenders had fubjected themselves to great risks, they began to think it neceffary to protect their property, by infuring to the amount of the money lent. In a former chapter, much was said Vide ante. of the mode by which infurances on fuch pro- c. 1. perty were to be effected; and we then faw 3 Burr. 13949 from the cafe of Glover v. Black, that it was neceffary to infert in the policy that the interest infured was bottomry or refpondentia, and that fuch was the law and practice of merchants. From this cafe too it is evident, that when a perfon has infured a bottomry or respondentia intereft, and he recovers upon the bond, he cannot also recover upon the policy: because he has not sustained a lofs within the meaning of his contract; and to fuffer any man to receive a double fatisfaction, would be contrary to the first principles of infurance law. As it is merely a contract of indemnity, a man fhall never receive lefs; nor can he be entitled to recover more than the amount of the damage he has, in fact, sustained. CHAPTER THE TWENTY-SECOND, A Of Infurances upon Lives. N Infurance upon Life is a contract, by, Poftlethw. which the underwriter for a certain fum, Dict. of Tr proportioned to the age, health, profeffion, and p. 150. Ii4 other other circumstances of the perfon, whofe life is the object of infurance, engages that that perfon Vide the Ap- fhall not die within the time limited in the popendix, licy or if he do, that he will pay a fum of No. 3. money to him in whofe favour the policy was granted. Thus if A. lend 100l. to B. who can give nothing but his perfonal fecurity for repayment: in order to fecure him, in cafe of his Com, 459 death, B. applies to C. an infurer, to insure his life in favour of A. by which means, if B. die within the time limited in the policy, A. will have a demand upon C. for the amount of his infurance. 2 Blackft. 1 Poftlethw. 150. The advantages refulting from fuch insurances are many and obvious: and most of them may be reduced under the following claffes. To perfons poffeffed of places or employments for life; to masters of families, and others, whose income is fubject to be determined, or leffened, at their respective deaths; who, by insuring their lives, may fecure a fum of money for the ufe of their families. To married perfons, where a jointure, pension, or annuity, depends on both or either of their lives, by infuring the life of the perfons entitled to such annuity, pension, or jointure. To dependents upon any other perfon, during whofe life they are entitled to a falary or benefaction, and whofe life being insured, will enable fuch dependents, at the death of their benefactor, to claim from the infurers, a fum equal to the premium paid. To perfons wanting to borrow money, who, by infuring their lives, are enabled to give a fecurity for the money borrowed. Thefe, and many other advantages, being fo obvious, the Bishop of Oxford, Sir Thomas Allen, and fome other gentlemen, were induced to apply to Queen Anne, to obtain her charter for incorporating them and their fucceffors, whereby they might provide for their families, in an eafy and beneficial manner. Accordingly, in the year 1706, her Majefty granted her ゴ、 her royal charter, incorporating them by the The benefits, which accrued to the public from this fpecies of contract, were found to be fo extenfive, that another office was established by deed enrolled in the Court of King's Bench at Westminster, for the infurance of lives only. The name of this office is the "fociety for equitable affurances on lives and furvivorships." Befides this, the two Companies of the Royal Exchange, and London Affurance, obtained his Majefty's charter, to enable them alfo to make infurances on lives. The charter points out the advantages of fuch inftitutions; for it ftates as the ground, on which fuch a permiffion is to be granted, "That it has been found by experience to be of benefit and advantage, for perfons having "offices, employments, eftates, or other incomes, "determinable on the life or lives of themselves "or others, to make affurances on the life or "lives, upon which fuch offices, employments, "eftates, or incomes are determinable." Private underwriters alfo may enter into policies of this nature, as well as any other, provided the party, making the insurance, chufes to trufl their fingle fecurity. The antiquity of this practice cannot be very eafily afcertained; however we find traces of it in fome very old authors. In the French book entitled Le Guidon, we find it mentioned, as a con- Le Guidon, tract perfectly well known, at that time, in other c. 16. art. 5. published in countries. The author of that book, however, tells us in the fame paffage, that it was a species of contract wholly forbidden in France, as being repugnant to good morals, and as opening a door to a variety of frauds and abuses. Such, indeed, 2 Valin, 54. 2 Magens, 70. Le Guid. loc. cit. Roccus de the law of France continues at this day and infurances upon lives are prohibited in other countries of Europe by pofitive regulation. The fame French author has, however, gone a little too far in afferting, that the other countries, in which they had been till that time encouraged, were also obliged to forbid them. This had not certainly taken place at that time, as may be inferred from the 66th article of the laws of Wibuy: and in England they never have been prohibited. The learned Roccus alfo takes notice of them as legal contracts, and quotes various authors in fupport of his opinion. Thefe infurances being thus fanctioned in England by royal authority, and the funds of the different focieties having very much encreased, and Mag. 33. being fixed on a stable and permanent foundation, contracts of this nature became fo much a mode of gambling (for people took the liberty of infuring any one's life, without hefitation, whether connected with him, or not, and the infurers feldom afked any question about the reasons, for which fuch infurances were made,) that it at laft became a fubject of parliamentary difcuffion. The refult of that difcuffion was, that a statute paffed, by which it was enacted, "That no infurance fhould be made by any perfon or perfons, bodies politick or corpo"rate, on the life or lives of any perfon or per"fons, or on any other event or events whatfo 14 Geo. 3. f, 48. f. 1. Se&t. z. ес ever, wherein the perfon or perfons, for whose "ufe, benefit, or on whofe account, fuch policies "fhould be made, fhould have no intereft, or by way of gaming or wagering; and every infurance "made, contrary to the true intent and meaning "thereof, fhould be null and void to all intents "and purposes." And in order more effectually to guard against any impofition or fraud, and to be the better able to afcertain, what the interest of the perfon, entitled to the benefit of the infurance, really was, it was further enacted, by the fame fame ftatute, "that it fhould not be lawful to The remaining obfervations and rules upon With respect to the rifk, which the underwriter Vide the Ap is to run, this is ufually inferted in the policy; pendix, and he undertakes to anfwer for all thofe accidents No. 3. to which the life of man is exposed, unless the (a) I have not, as yet, feen any judicial expofition of this Cowper 737- in the prohibition of the ftatute. In another cafe, a policy Mollifon v. ceftuy 1778. |