Comprehensive coverage of all types of innovative insurance products such as long-term care insurance, commercial insurance, catastrophe insurance, liability insurance to name few • Details on developments in international insurance with latest data • Appendices to support the information provided in chapters - All clauses and words of marine insurance are given in appendix

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 edition. Excerpt: ...insures a $50,000 property for $20,000, and company "B" insures the same property for $10,000. A loss of $3,000 occurs. The above provision of the contract makes company "A" liable for the proportion that its insurance ($20,000) bears to the total insurance ($30,000) or two-thirds of the loss "Appendix XXX, lines 101-105. of $3,000, that is, a liability of $2,000. Company "B" is liable for the proportion its insurance ($10,000) bears to the total insurance ($30,000) or one-third, that is, $1,000. Where the policies issued by "A" and "B" are concurrent, that is to say, where the provisions of the policies are identical, the application of the principle is simple. But there are some cases where the policy provisions differ and it consequently becomes a difficult matter to determine the amount of the total insurance. The policies may differ because the properties covered are in different locations, because the descriptions of the insured articles vary, because the interests covered are not identical, or because one policy contains clauses or endorsements not on the other. This is a situation to be avoided by both the insured and the company because it results in delay in the payment of losses and frequently involves complicated law cases. The most frequent case of non-concurrency is where one policy is a specific policy covering one item, while another policy is a general policy covering many items, including the one covered by the specific policy. We will take a relatively simple case of this kind and apply to it a relatively simple rule, as an illustration of the difficulties of adjustment. Let us suppose that an owner has a stock of goods consisting of the following. Value Furniture...