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 RATIFICATION IN INSURANCE LAW We can therefore make a further addition to our rule of ratification, and it will then read thus: "Where a part owner of property, or a commission agent having it in charge, or any other person having an interest in the property, effects insurance in his own name for the benefit of himself and all others con cerned, the latter may even after loss ratify such act and elect to take advantage of the insurance. But where an unauthorized agent or other stranger applies for and obtains a policy of insurance in the name of the prop

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erty owner, and the latter does not ratify the agent's act and accept the insurance before loss, there is no valid binding contract of insurance and the property owner cannot thereafter by ratification or otherwise ac quire any rights against the insurer without the latter's consent." In this form it is believed the rule accords with theory and principle and^is supported by ample authority. New York, N. Y., January, 1907.