Principles of Insurance volume 2

Cover Principles of Insurance volume 2
Principles of Insurance volume 2
William Franklin Gephart
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Insurance and the State, Chap. IV. W. F. Gephart. Origin of the Standard Fire Insurance Policy. An Address. Elijah R. Kennedy. The Insurance Society of New York. Forms. From the Company's Standpoint (Pamphlet). The Insurance Society of New York. Proceedings of the National Board of Underwriters, 1915. A Treatise on the Law of Insurance. George Richards. CHAPTER VIII THE LOSS AND ITS ADJUSTMENT Importance of the Settlement Clauses. The settle- ment of the loss is the test of the policy contract ...both from the viewpoint of the insured and the insurer. The risk has been assumed by the insurer for a consideration which is presumed. To measure it correctly, and the insured has given this consideration because he expects to receive full payment in the event of a loss. It is chiefly in connection with this settlement of the loss that disagree- ments between the parties to the contract arise. This situation is largely responsible for the numerous appeals to the courts as a final arbiter of the fire insurance con- tract.

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