KFLCC Kingdom Law 2nd Ed.

910

POLITICAL

POLICY

between the assured and the underwriter, but is left to be estimated in case of loss. The term is opposed to "valued policy," in which the value of the subject insured is fixed for the purpose of the insurance, and expressed on the face of the policy. Mozley & Whitley. Riggs v. Fire Protection Ass'n, 61 S. C. 448, 39 S. E. 614; Cox v. Insurance Co., 3 Rich. Law, 33,1, 45 Am. Dec. 771; Insurance Co. v. But ler, 38 Ohio St. 12a But this term is also sometimes used in America to describe a policy in which an aggregate amount is expressed in the body of the policy, and the specific amounts and subjects are to be indorsed from time to time. London Assur. Corp. v. Paterson, 106 Ga. 538, 32 S. E. 650.— Paid-up policy. In life insurance. A policy on which no further payments are to be made in the way of annual premiums.— Time policy. In fire insurance, one made for a defined and limited time, as, one year. In marine insurance, one made for a particular period of time, irrespective of the voyage or voyages upon which the vessel may be engaged during that period. Wilkins v. To bacco Ins. Co., 30 Ohio St. 339, 27 Am. Rep. 455; Greenleaf v. St. Louis Ins. Co., 37 Mo. 29.— Valued policy. One in which the value of the thing insured is settled by agreement be tween the parties and inserted in the policy. Cushman v. Insurance Co., 34 Me. 491; Riggs v. Insurance Co., 61 S. O. 448, 39 S. E. 614; Luce v. Insurance Co., 15 Fed. Cas. 1071.— Voyage policy. A policy of marine insurance effected for a particular voyage or voyages of the vessel, and not otherwise limited as to time. Wilkins v. Tobacco Ins. Co., 30 Ohio St. 339, 27 Am. Rep. 455.— Wager policy. An insur ance upon a subject-matter in which the party assured has no real, valuable, or insurable in terest. A mere wager policy is that in which the party assured has no interest in the thing assured, and could sustain no possible loss by the event insured against, if he had not made such wager. Sawyer v. Insurance Co., 37 Wis. 539; Embler v. Insurance Co., 8 App. Div. 186, 40 N. Y. Supp. 450; Amory v. Gilman, 2 Mass. 1; Gambs v. Insurance Co., 50 Mo. 47. Politise legibus non leges politiis adap tandse. Politics are to be adapted to the laws, and not the laws to politics. Hob. 154. POLITICAL. Pertaining or relating to the policy or the administration of govern ment, state or national. See People v. Mor gan, 90 111. 558; In re Kemp, 16 Wis. 396. —Political arithmetic. An expression some times used to signify the art of making calcula tions on matters relating to a nation; the rev enues, the value of land and effects; the produce of lands and manufactures; the population, and the general statistics of a country. Wharton. —Political corporation. A public or munic ipal corporation; one created for political pur poses, and having for its object the administra tion of governmental powers of a subordinate or local nature. Winspear v. Holman Dist. Tp., 37 Iowa, 544; Auryansen v. Hackensack Imp. Com'n, 45 N. J. Law, 115; Curry v. District Tp., 62 Iowa, 102, 17 N. W. 191.— Political economy. The science which describes the methods and laws of the production, distribution, and consumption of wealth, and treats of eco nomic and industrial conditions and laws, and the rules and principles of rent, wages, capital, la bor, exchanges, money, population, etc The sci ence which determines what laws men ought to adopt in order that they may, with the least pos sible exertion, procure the greatest abundance of things useful for the satisfaction of their wants, may distribute them justly, and consume them rationally. De Laveleye, Pol. Econ. The sci ence which treats of the administration of the revenues of a nation, or the management and

welfare or prosperity of the state or com munity. —Policy of a statute. The "policy of a stat ute," or "of the legislature," as applied to a penal or prohibitive statute, means the inten tion of discouraging conduct of a mischievous tendency. See L E. 6 P. C. 134; 5 Barn. & Aid. 335; Pol. Cont. 235.— Policy of the law. By this phrase is understood the dis position of the law to discountenance certain classes of acts', transactions, or agreements, or to refuse them its sanction, because it considers them immoral, detrimental to the public welfare, subversive of good order, or otherwise contrary to the plan and purpose of civil regulations. —Public policy. The principles under which the freedom of contract or private dealings is restricted by law for the good of the community. Wharton. The term "policy," as applied to a statute, regulation, rule of law, course of ac tion, or the like, refers to its probable effect, tendency, or object, considered with reference to the social or political well-being of the state. Thus, certain classes of acts are said to be "against public policy," when the law refuses to enforce or recognize them, on the ground that they have a mischievous tendency, so as to be injurious to the interests of the state, apart from illegality or immorality. Sweet And see Egerton v. Earl Brownlow, 4 H. L. Cas. 235; Smith v. Railroad Co., 115 Oal. 584, 47 Pac. 582, 35 L. R. A. 309, 56 Am. St. Rep. 119; Tarbell v. Railroad Co., 73 Vt. 347, 51 Atl. 6, 56 L. R. A. 656, 87 Am. St. Rep. 734; Hart ford F, Ins. Co. v. Chicago, etc.. R. Co., 175 U. S. 91, 20 Sup. Ct. 33, 44 L. Ed. 84; Enders v. Enders, 164 Pa. 266, 30 Atl. 129, 27 L. R. A. 56, 44 Am. St. Rep. 598; Smith v. Du Bose, 78 Ga. 413, 3 S. E. 309, 6 Am. St. Kep. 260; Billingsley v. Clelland, 41 W. Va. 234, 23 S. E. 812. A mercan tile instrument In writing, by which one par ty, In consideration of a premium, engages to indemnify another against a contingent loss, by making him a payment in compensation, whenever the event shall happen by which the loss is to accrue. 2 Steph. Comm. 172. The written instrument in which a con tract of insurance Is set forth Is called a •'policy of insurance." Civ. Code Cal. § 2586. — Blanket policy. A policy of fire insurance which contemplates that the risk is shifting, fluctuating, or varying, and is applied to a class of property rather than to any particular article or thing. Insurance Co. v. Baltimore Ware house Co., 93 U. S. 541, 23 L. Ed. 868.— En dowment policy. In life insurance. A pol icy the amount of which is payable to the as sured himself at the end of a fixed term of years, if he is then living, or to his heirs or a named beneficiary if he shall die sooner.— Floating policy. A policy of fire insurance not applicable to any specific described goods, but to any and all goods which may at the time of the fire be in a certain building.— Interest policy* One where the assured has a real, substantial, and assignable interest in the thing insured; as opposed to a wager policy— Mixed policy. A policy of marine insurance in which not only the time is specified for which the risk is limited, but the voyage also is described by its local termini; as opposed to policies of in surance for a particular voyage, without any limits as to time, and also to purely time pol icies, in which there is no designation of local termini at all. Mozley & Whitley. And see Wilkins v. Tobacco Ins. Co., 30 Ohio, 340, 27 Am. Rep. 455.— Open policy. In insurance. One in which the value of the subject insured is not fixed or agreed upon in the policy, as POLICY OF INSURANCE.