Page:United States Statutes at Large Volume 47 Part 1.djvu/1308

 1 284 Insurance by agent SEC. 1196. INSURANCE BY AGENT OR TRUS TEE .--Wh en an insu rance or trustee. is made by an agent or trustee, the fact that his principal or bene- ficiary is the person really insured may be indicated by describing him as agent or trustee, or by other general words in the policy. By part owner . SEC. 1197. I NSURA NCE BY PAR T owN ER .-- To render an insurance, eff ect ed by one pa rtn er or p art owner, applicable to the interest of his copartners, or of other part owners, it is necessary that the terms of the policy should be such as are applicable to the joint or eonp 1on- interest. Ante, p.1281. General terms. Successive owners. Transfer of thing in- sured. Ante, p: 128L Open and valued policies. Open policy. Valued policy. Running policy. Effect of receipt. Past, p. 1285. Agreement not to transfer. Warra nties. Express or implied. Poet, p. 1285. 72d CONG RESS. SES S. II . CFI . 128 . FEBRUARY 27, 1933 . CROSS REFERENCE Tran sfer by co owner, see sect ion 1 168 . SEC. 1198. GENERAL TERMS .-When the description of the insured in a policy is so general that it may comprehend any person or any class of persons, he only can claim the benefit of the policy who can sh ow th at it was intended to include him. SEC. 1199. SUCCESSIVE OWNERS.-A policy may be so framed that it will inure to the benefit of whomsoever, during the continuance of the risk, may become the ow ner of the interest insured. SEC. 1200. T RANSF ER OF THE THING INSURED .-The mere transfer of a thing insured does not transfer the policy, but suspends it until the same person becomes the owner of both the policy and the thing insured. CROSS REFERENCE Transfer of interest, see sections 1164 et seq. SEC. 1201 . OPEN AND VALUED POLICIES. -A policy is either open or valued. SEC. 1202 . OPEN PO LI CY, WHAT.-An open policy is one in which the value of the th ing insured is not agreed upon, but is l eft to be ascertained in case of loss. SEC. 1203. V ALUED POLI CY, wfAT .-A v alued poli cy is one which expresses on its face an agreement that the thing insured shall be val ued at a specified sum. SEC. 1204 . RUNNING PO LI CY, WHAT .-A running policy is one whi ch contemplates successive insurances, and which provides th at the ob ject of the pol icy may be from time to t ime d efine d, es pecia lly as to the subjects of insurance, by additional statements or indorsements. SEC. 1205. EFFECT of RECEIPT. -A m acknowledgment in a policy of the receipt of premium is conclusive evidence of its payment, so far 'as to make the policy binding, notwithstanding any stipulation therein that it shall not be binding until the premium is actually paid. CROSS RLrTFwr.NCa Premiums, in general, see sections 1217 et seq. SEC. 1206 . AGREE MENT NOT TO TRANSFER.-An ag reeme nt ma de bef ore a loss, not to transfer the claim of a person ins ur ed ag ain st the insurer, after the loss has happened, is void. WARRAN TIES SE C. 1207. WARRANTY, EXPRESS OR IMPLIED .-A warranty is either express or implied. CROSS REFERENCE Express warranties to be in policy, see section 1209.