Page 9 - Life Assurance
P. 9
For example, it has been held that certain
commercial agreements that appear, as though they
might be insurance agreements are not insurance in
a legal sense. These include contracts entitling
certificate holders to medical services at free or
reduced rates.
A guarantee to an employee of payment for
services on good damaged or destroyed by fire,
an agreement to protect an employee against
other striking employees, and an agreement by a
bicycle association to keep member's bicycles
in repair and to replace them if stolen.
On the other hand the following contracts
have been held to constitute insurance
contracts:
-Guarantee the payment of both the
principle and interest of mortgage loans,
-Guarantee the payment of a rent,
-Guarantee the value of cooperate stock on
a certain date,
-The comprehensive guarantee of
automobile tires.
It was held that a corporation that undertook for
specific consideration to guarantee revenue per
acre of farming land to the owner was an insurance
company.
73 Life41/life/life 08
commercial agreements that appear, as though they
might be insurance agreements are not insurance in
a legal sense. These include contracts entitling
certificate holders to medical services at free or
reduced rates.
A guarantee to an employee of payment for
services on good damaged or destroyed by fire,
an agreement to protect an employee against
other striking employees, and an agreement by a
bicycle association to keep member's bicycles
in repair and to replace them if stolen.
On the other hand the following contracts
have been held to constitute insurance
contracts:
-Guarantee the payment of both the
principle and interest of mortgage loans,
-Guarantee the payment of a rent,
-Guarantee the value of cooperate stock on
a certain date,
-The comprehensive guarantee of
automobile tires.
It was held that a corporation that undertook for
specific consideration to guarantee revenue per
acre of farming land to the owner was an insurance
company.
73 Life41/life/life 08
