11866. Without Receipt.-If an officer or agent of a company accepts a sum of money as and for a renewal premium, the office is liable if the acceptance can be proved, whether a receipt can be produced or not (5775).

PROCEEDINGS AFTER FIRES.

11867. Desirable Notice.-Under any circumstances every person who is insured against fire should immediately notify the office or an agent in the event of destruction or damage by fire taking place; and

CLAIMS.

11868. Stipulated Notice.-Most fire offices make it a condition that notice of every fire must be given within a stipulated number of days; and, also,

11869. Particulars.—It is usual for a fire policy to include a condition that within a stated number of days after a fire a written statement of the particulars and amount of the damage and claim shall be furnished.

11870. Kind and Amount.-Regard must be had for the particular kind (11830) and for the precise amount of property destroyed or injured, as nearly as can be estimated; for,

11871. Excessive Amount.—If a greater amount is stated, and the excess of statement be proved, and is adjudged to be wilful, the insured forfeits all claim whatever; and

COMPUTATION OF VALUE.

11872. At the Time.-It has been decided that a fire office is only liable for the value of the property immediately previous to the time of the fire; that is,

11873. Farming Stock.-Farming stock must be put down at the price it would have fetched in the market less the cost of preparing for and getting it to market :

11874. Furniture.—If furniture is old or worn it is not to be put down at the price which it cost;

11875. Manufactures.--If articles in course of manufacture are destroyed when half or three-parts completed, they are not to be put down as completed;

BUILDINGS.

11876. Old Houses.-If an old or dilapidated house is burnt down, only the actual value of the house as it stood can be enforced, no matter how much it may cost to rebuild it; though,

RESTORATION.

11877. Option of Office.-Most fire offices stipulate in their policies that they shall, at their own option, if they think fit, rebuild or restore the property instead of paying the amount of the alleged loss; and

11878. Bound by Resolve.-If once a fire office expresses an intention to restore instead of compensating, such office is bound by such decision, and cannot withdraw from it; but

11879. Compulsory Expedition. Must proceed with the work with all reasonable expedition and efficiency; on the other hand,

11880. Option of Insured.—When the insured party thinks fit he may compel the office to restore premises destroyed or damaged, to an amount not exceeding that for which the premium was paid; and

11881. Statutory Power.-The power of the insured to insist upon the restoration of premises is secured by a special Act of Parliament; and

11882. Compulsory Restoration.-A distinct request made to an officer or agent of a fire office to restore in lieu of compensating, is binding under the Act.

11883. Restoration of Miscellaneous Property.—With reference to other property not being buildings, though very rare, fire offices are at liberty to restore instead of compensating, if they think fit.

EVIDENCE OF VALUE.

11884. Fire offices are entitled to demand books, invoices, and other vouchers of stock-in-trade if they are not destroyed.

DISCHARGE OF CLAIMS.

11885. Within Stated Times.-Many fire offices make stipula. tions, or have established customs, whereby they are bound to make good all losses within a stated number of days; and

11886. Common Debt.—When a fire office has been duly notified of a fire, and of the particulars and amount of the loss, the amount is a common debt due to the insured at the end of the stipulated time, or otherwise in reasonable time; and

11887. Action for Recovery.—Should a fire office fail to make good a just claim for compensation after a fire, an action may be had for recovery in the ordinary course.

LIFE INSURANCE.

ASSURANCE.

11888. Life insurance is frequently called life assurance; but the latter designation is only customary, and not at all obligatory; for, 11889. Strictly speaking, insurance is more correct than assu rance, as commonly used.

DISTINCTION.

11890. Life insurance demands consideration as in many respects distinct from the principle of fire insurance (12005).

11891. No Duty.-There is no per-centage duty upon life insurance (11753); and

11892. Stamps.-The only fiscal expense attending life insurance is the stamping of the policy; and,

11893. No Just Objection.-So long as the system of stamping deeds and agreements is enforced and tolerated (12969), there can be no just ground for objection in particular against the moderate stamps required to give validity to life policies; namely,

For every aditional £50 or fraction thereof

Exceeding £500, for every £100 or fraction thereof

.

400000

Exceeding £1,000, for every £1,000 or fraction thereof. 10

COMPULSORY DEPOSIT.

11894. £20,000.-Every person or body of persons who professes or proposes to effect insurances upon lives must first deposit £20,000 in Chancery, subject to the rules of Court for the time being; and,

11895. Benefit of Insured.-Unlike the deposits formerly required of fire insurance companies (11764), those required in respect of life insurance are for the benefit and security of the insured, and are available accordingly.

INTEREST ESSENTIAL.

11896. It is enacted that :

No insurance shall be made by any person or persons, bodies politic or corporate, on the life or lives of any person or persons, or on any other event or events whatsoever (11776) wherein the person or persons for whose use, beneft,

or on whose account such policy or policies shall be made, shall have no interest. (11934) and that every assurance made contrary to the true intent and meaning hereof shall be null and void to all intents and purposes whatsoever (11935); and

11897. Limitation of Amounts. It is further enacted that :

In all cases where the insured hath interest in such life or lives, event or events, no greater sum shall be recovered (11935) or received from the insurer or insurers than the amount or value of the interest of the insured in such life or lives, or any other event or events.

PECUNIARY INTEREST.

11898. It is decided that an interest, to be an insurable interest, must be pecuniary;

11899. Self Insurance.-Every man is presumed to have a pecuniary interest in his own life, sufficient to sustain a policy to any amount; but,

11900. Relationship.-Ties of relationship, esteem, or attachment, are insufficient interests to support the legality of a life policy; thus,

11901. Of Husbands.-A wife may, under the provisions of the Married Women's Property Act (2119), effectually insure the life of her husband for her own exclusive benefit, because she has a pecuniary interest in his life; but,

11902. Of Wives.-As a general rule a husband cannot effectually insure his wife's life for his own benefit, because he has no pecuniary interest in her; but,

11903. If a wife is actively engaged in a business, or has an expectancy under a settlement, then her husband may effectually insure her life in his own interest.

11904. Of Children.-A parent cannot effectually insure the life of a child for the parent's own advantage, unless there is some peculiar arrangement of property which creates the necessary

interest.

11905. It was argued in one case that as, under the poor law, a son is under an obligation to maintain his father (3060), such an obligation was sufficient to create the requisite pecuniary interest, but the argument was rejected.

11906. Heirs at Law.-It has been ruled that an heir at law to an unsettled estate cannot insure the life of the person to whom he is heir; though,

11907. Heirs in Tail.-If the estate be settled so that it must descend (167) from A to B if the latter survives, then B can insure the life of A.

11908. Of Debtors.-Creditors can insure the lives of their debtors to the amount of their debts; and,

11909. Of Minor Debtors.-Though a debtor be a minor, his creditor may effectually insure his life; but,

11910. Of Creditors.-Debtors cannot insure the lives of their creditors.

THE PROPOSAL AND DECLARATION.

11911. Questions and Answers.—A person proposing to insure his life is invariably required to fill up a declaration in the form of questions and answers respecting his age, health, physical experiences, and habits.

11912. No Invariable Form.-There is no invariable form for the declaration which constitutes the first step towards life insu rance; but,

11913. Same Character.-There is a certain family likeness between one form and another which stamps them all with pretty much the same character.

USUAL REQUIREMENTS.

11914. The usual questions put to a proposer by a life office include particulars as to the place and date of birth?

11915. Whether married, unmarried, or a widower?

11916. Whether a portion of the life has been spent abroad, and how long?

11917. Whether in the army, or navy, or following any dangerous occupation?

11918. Whether ever suffering from fits, gout, asthma, or spitting of blood?

11919. Whether vaccinated, and when; or if ever suffering from small-pox?

11920. Whether suffering or liable to much cough, or symptoms of diseases of the chest?

11921. Whether any near relation has been or is afflicted with any pulmonary complaint, or insanity?

11922. Whether there is any circumstance calculated to shorten the life to be insured?

11923. Whether the life proposed is of a person of sober and moderate habit of life?

11924. Whether an insurance on the life has ever been declined by another office, and if so, why? and that,

11925. If the statements contained in the answers are untrue, all premiums paid shall be forfeited to the office, and the policy void.