Planters' Insurance v. Comfort

Citations

• 50 Miss. 662

Syllabus

<p>1. Insurance — Mutual Plan. — Among the features distinguishing such companies from those who insure upon a capital paid up or secured are, that each insurer becomes a member of the association. The capital is composed of premiums earned in the business and deposit notes. The deposit notes constitute the reserved fund, to be used as the necessities of expenses and losses require. The insurers become the mutual indemnifiers of each other against damage and loss from the elements insured against.</p> <p>3. Same — Same — Mode oe Obtaining Contributions. —■ The mode of obtaining contributions from the makers of deposit notes, is to assess each liable for the loss and expenses with a pro rata assessment of a just proportion, and require its payment on due notice. This amount is determined by the directory and must be assessed ratably on the deposit notes of those whose policies were in existence at the date of the loss. Responsibility to contribute to a loss begins when the insurance has been effected, and terminates when the polic3r expires.</p> <p>3. Same — Same — Duty oe the Company.— It is the duty of the company to show before making the assessment, that the loss occurred during the terms of the policies of those assessed, and that all the members under a duty to contribute were assessed; and the company should collect by suit, if necessary, the amount due b3r delinquents on asssessments.</p> <p>4. Same — Same — Foreeiture oe Policy. — When an assessment is not made in accordance with the charter upon a deposit note, the failure to pay such an assessment does not work a forfeiture of the policy under the charter.</p> <p>5. Same — Prooe oe Loss — Case in Judgment. — The policy requires all insured to make out within thirty days a statement under oath, etc., of the loss. This is a condition precedent to the right of the assured to recover. C., within the required time, notified the company of his loss. The company replied to this, repudiating all liability on the g