Moore v. Security Trust & Life Ins.

Citations

• 168 F. 496
• 93 C.C.A. 652
• 1909 U.S. App. LEXIS 4458

Syllabus

<p>1. Insurance (§ 85*) — Contract of Agency Not Broken by Reinsurance and-Abandonment of Business.</p> <p>A contract by a life insurance company, whereby it turns over its property and business to a rival company and incapacitates itself to continue its insurance business, is not a breach of a contract of appointment of agents which contains no agreement fixing the time such appointment shall continue.</p> <p>[Ed. Note. — For other cases, see Insurance, Dec. Dig. § 85.*]</p> <p>2. Insurance (§ 85*) — Contracts with Agents for Commissions on Future. Renewal Premiums Not Broken by Reinsurance and Abandonment of Business. .</p> <p>A contract by a life insurance company whereby, at or after the lawful conclusion of the term of the agency, it turns over to a rival company all its business and property and disables itself from collecting future renewal premiums, does not constitute an anticipatory breach of an agreement with its agents that after the termination of the agency commissions will be paid them on such premiums as collected by the company, which will sustain an action for the present worth of the commissions before the renewal premiums have become due or been collected.</p> <p>[Ed. Note. — For other cases, see Insurance, Doc. Dig. § 85.'*]</p> <p>8. Principal and Agent (§ 33*) — Agency Presumed to be at Wilt. Unless Otherwise Sti pula ted.</p> <p>The general rule is that a principal may revoke and an agent may renounce the appointment of the latter, in the absence of an agreement that it shall continue for a specific term.</p> <p>[Ed. Note. — -For other cases, see Principal and Agent, Cent. Dig. § 51; Dee. Dig. § 33.*]</p> <p>4. Insubance (§ 85*) — Contracts of Agency- — Right of Company to Termí-nate Its Business Impliedly Reserved in.</p> <p>The right of an insurance company to manage its business, to determino the term of its continuance, whether or not, and when, if at all, it will reinsure its risks, turn over its business to another company, and cease to