§ 87. Is an insurance company bound to notify the insured of the premium day in order to give it the right to avoid the policy for non-payment of a premium? § 90. What is meant by the waiver of a condition? § 102. § 100. ance! May mere silence be a waiver of a condition after loss? § 114. What is meant by "friendly" and "hostile" fires? § 118. A house is threatened by fire. The goods are removed and are damaged by rain before another shelter can be found for them. The house is not burned. Can a recovery be had on a fire insurance policy? § 121. Insured is engaged in robbing a bank. He accidentally locks himself in a safe and is smothered to death. Can there be a recovery on an insurance policy on his life? § 129. What is the difference between "accidental death" and "death by accidental means?'' § 137. What is the doctrine of co-insurance as used in marine insurance? § 150. What is meant by subrogation as used in fire insurance? § 156. Why has it no application to accident insurance? APPENDIX D BANKS, BANKING, AND TRUST COMPANIES. §1. An insurance company invests its profits in loans secured by mortgages. Is it engaged in the banking business? Can a pawn shop properly be called a bank? §§ 2, 3. Whence do national banks derive their authority? § 5. What is a bank of issue? § 5a. What is a savings bank? § 6. A statute is passed in Pennsylvania prohibiting all existing unincorporated banking companies from doing banking business. Jones, who has been privately engaged in the business of banking, contends that this statute infringes his common law right to engage in the banking business and is therefore invalid. What decision? §§ 9-11. Hts a depositor a right to demand from a bank the specific coins that he has deposited? A depositor deposits $100 with a bank in the ordinary course of business. A few days later and before the bank has made any new investments he goes to the bank and demands that his $100 be invested only in mortgages secured by real estate. Has he a right to demand this? § 14. Can there be a general deposit of a chattel? §§ 15, 16. A circular was issued by the "Depositors' Co-operative Association" inviting deposits on which interest would be paid. semi-annually. Plaintiff made a deposit taking a certificate reciting that the money should remain one year, and bear interest at six per cent, but might be sooner withdrawn on notice, and if withdrawn before six months, no interest would be paid. What kind of deposit was this? § 17. Jones makes a special deposit of a bag containing coins of United States money. Has he a right to demand the identical coins from the bank? § 18. Williams deposits $100 in trust for Johnson an infant. Williams later borrows $50 from the bank giving his note for the same. He does not pay when the note becomes due and the bank claims it has a right to $50 of the $100 deposited by him as trustee. What decision? § 22. White deposits $100 with a bank and receives a certificate of deposit. Later he gives a check on the bank for $100 to Green. Green presents the check to the bank and the bank refuses to pay. Is the bank justified in refusing to pay the check? § 25. What is a memorandum check? § 27, 28. To what control are state banks subjected? What reason is there for subjecting them to these restrictions? § 30. The directors of a bank in good faith, and there being no statutory provision to the contrary, authorize a loan to a minor. They are ignorant of the law that re-payment of a loan to a minor cannot be enforced. Because of this the bank suffers a loss. Have the stockholders any action against the directors? § 32. Upon what authority is the national banking act based? § 33. What is the essential requirement that must be complied with by national banks? § 34. A state law levies a tax on all corporate franchises. Under this law is a national bank required to pay a tax on its franchise? § 39. By whom is a clearing house created? § 42 What is a clearing house certificate? TRUST COMPANIES. § 44. What is the business of a trust company? § 45. Has a trust company power to loan money, taking the borrower's note for its repayment? § 46. In what way do trust companies resemble banks? A trust company borrows money in order to buy stock in an insurance company. Is this act ultra vires? A trust company lends money on shares of stock in an ice company as collateral. The borrower fails to repay the loan and the stock becomes the property of the bank. On April 10, 1906 when the price of this stock is fluctuating the trust company contracts with Jones to sell him the stock on April 1, 1907 at the market value at that time. Is this contract ultra vires? APPENDIX E NEW YORK STANDARD FIRE INSURANCE POLICY (1). 1 The Fire Insurance Company in consideration of the stipula 2 tions herein named and of 3 for the term of- from the 4 -day of dollars premium does insure day of-19-, at noon, to the 19-, at noon, against all direct (2) loss or dam 5 age by fire (3) to the following described property (4) while 6 located and contained as described herein and not elsewhere (5), 7 to-wit: 8 This company shall not be liable beyond the actual cash value 9 (6) of the property at the time any loss or damage occurs, and the 10 loss or damage shall be ascertained or estimated according to 11 such actual cash value, with proper deduction for depreciation 12 however caused (7), and shall in no event exceed what it would 13 then cost the insured to repair or replace the same with material 14 of like kind and quality (8), said ascertainment or estimate shall 15 be made by the insured and this company, or, if they differ, then 16 by appraisers, as hereinafter provided; and, the amount of loss or 17 damage having been thus determined, the sum for which this com18 pany is liable pursuant to this policy shall be payable sixty days. 19 after due notice, ascertainment, estimate, and satisfactory proof 20 of the loss have been received by this company in accordance with 21 the terms of this policy (9). It shall be optional, however, with 22 this company to take all, or any part, of the articles at such ascer23 tained or appraised value, and also to repair, rebuild (10), or re24 place the property lost or damaged with other of like kind and 25 quality within a reasonable time on giving notice within thirty 26 days after the receipt of the proof herein required of its inten (1) See Sections 130, 131, 132 of the Insurance Law of New York. (2) See § 112 of this article. (3) See § 113. (4) See § 146. (5) See 118. (6) See §§ 138-142. (9) See §§ 101, 102. 27 tion so to do, but there can be no abandonment to this company 28 of the property described. 29 This entire policy shall be void if the insured has concealed, or misrepresented (11), in writing or otherwise, any material fact 31 or circumstance concerning this insurance or the subject thereof 32 or if the interest of the insured in the property be not truly stated 33 herein (12), or in case of any fraud or false swearing by the in34 sured touching any matter relating to this insurance or the sub35 ject thereof, whether before or after a loss (13). 36 This entire policy, unless otherwise provided by agreement in37 dorsed hereon or added hereto (14), shall be void (15) if the in38 sured now has or shall hereafter make or procure any other con39 tract of insurance, whether valid or not, on property covered in 40 whole or in part by this policy (16); or if the subject of insurance 41 be a manufacturing establishment and it be operated in whole or 42 in part at night later than ten o'clock, or if it cease to be oper43 ated for more than ten consecutive days (17), or if the hazard be 44 increased by any means within the control or knowledge of the 45 insured (18), or if mechanics be employed in building, altering, 46 or repairing the within described premises for more than 47 fifteen days at any one time (19); or if the interest of the insured 48 be other than unconditional and sole ownership (20); or if the sub49 ject of insurance be a building on ground not owned by the in50 sured in fee-simple; or if the subject of insurance be personal 51 property and be or become incumbered by a chattel mortgage; 52 or if, with the knowledge of the insured, foreclosure proceedings be 53 commenced or notice given of sale of any property covered by this 54 policy by virtue of any mortgage or trust deed; or if any change 55 other than by the death of an insured, take place in the interest, 56 title, or possession of the subject of insurance (except change of 57 occupants without increase of hazard) whether by legal process 58 or judgment or by voluntary act of the insured, or otherwise (21); 59 or if this policy be assigned before a loss (22); or if illuminating 60 gas or vapor be generated in the described building (or adjacent (11) See §§ 23-25. (12) See § 26. (13) See § 85. (14) See §§ 91-93. (15) See § 61. (16) See §§ 62-63. (17) See $79. (21) See §§ 68-70. (22) See § 17. |