New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1895-05-22


treasurer for collection, or to apply such
assessment when collected to the payment
Of the execution, they shall be personally
When the directors of any such company
are liable to pay an execution against 1t,
the creditor may recover the same by suit
In equity or by an action at law against
the directors. The director who pays an
execution against the company for which
he is personally liable may have suit at
Jaw with equitable remedies for contribu-
ton against any Of the directors for their
proportion, and also suit ut law with
equitable remedies against the company, or
extent of their several liability to assess
ments therefor.
Sec 46: Mutual fire insurance companies
organized or doing business under this act
United States or in Canada.
Sc" A mutual marine insurance COM
pany organized under this act shall have
an agreement under the seal of each sub
scriber thereto substantially as follows,
'"rhe subscribers severally agree to pay
to the --- Insurance company on
demand the whole or such part of the sums
set against our names as may be called
from time to time for the use Of said com
pany in the payment of it's losses and ex-
penses not otherwise provided for
until the amount of two hundred thousand
dollars, which shall be the total of such
subscriptions, shall have been subscribed,
and certificate signed by the president
that the subscribers are known to them
and that they believe. them to be solvent
been deposited With and approved by the
insurance commissioner. Whenever sub
scriber dies or becomes insolvent his sub
scription shall be cancelled, and whenever
the amount of the subscription fund is
thereby or otherwise reduced the denc1ency
shall be made good by new SUBSCRIPTIONS
certified in the same manner as the orig
inal Subscribers shall be entitled to an
nua dividends Of two. per cent upon the
amount of their subscriptions from the
profits of the company, and shall also be
reimbursed from future profits for all sums
of money they may pay the company Ior
It's uses under their agreement, with law
full interest thereon.
such companies shall be annually divided
among the insured whose policies termi-
mated during the year in proportion to the
contribution of each to such profit or sur
plus, and such dividends shall be made only
in script certificates payable only out OF the
accumulation of net profits or surplus,
which accumulation shall constitute and be
kept and invested by the company as a
separate fund in trust for the redemption
OF such scrip certificates, and the cOntin-
Herein provided. Such certificates, until re-
deemed, shall be subject to future losses
and expenses of the company. ana to pc
reduced in case the redemption fund is
drawn upon for the payment of such losses
and expenses. but part of the redemp-
ton fund shall be used for the payment or
losses or expenses unless and only to the
extent that the cash assets or the company
are insufficient therefor; and whenever any
portion thereof shall be used for such pay
ment the outstanding certificates shall be
ton fund shall at all times equal the
amount of the unredeemed certificates;
The net income of the redemption fund
Shall be divided annually among the
holders of its certificates. or the com
pany may make such certificates, with
specified rate of interest, payable from the
Income of its invested funds AS such
profits accumulate and are invested sub
scriptions Of an equal amount shall be can
ceed. The maximum OF such accumula,
thousand dollars, and all excess of profits
above said amount shall be applied annu-
ally to the payment of the certificates in
the order of their issue: The ces<iicates
shall be forthwith payable when the com
pany shall cease to issue policies, and the
fund is no longer liable to be drawn upon
for the payment OF losses.
Sec As. All domestic mutual marine in
surance companies shall be subject to the
provisions of sections 81 and 80, and each
subscriber to the payment fund, or agree
ment specified in section IL, of any such
company shall be member thereof during
the term Of his subscription and entitled
to one vote.
Sec 40 If the subscriber to the perma-
nent fund or agreement Of a mutual marine
or mutual fire and marine insurance COM
pany fails to pay his subscription or any
assessment thereon, and 1t is proven that
the president or director certified falsely
in regard to such subscriber, the person
certifying shall be liable to the. company
for such sum as the subscriber fails to pay.
If any such company is at any time liza
BILE for losses beyond the amount of its net
assets, the president and directors shall
be personally liable for all losses on insur-
ance effected while the company was III
such condition.
Sec 80 No insurance company shall
knowingly issue any fire insurance policy
upon property within this state for an
w with existing
insurance thereon. exceeds the fair value
of the property, nor for a longer term than
seven years. And whenever any company
wilfully inSures property for more than its
real value. it shall forfeit to the state
school fund double the premium collected
on such policy.
the insured. or by the terms of fire in
surance policy taken out by mortgagor,
the whole or any part of the loss thereon
of tile property or for their benefit, the
company shall, upon satisfactory proof of
the rights and title Of the parties, in ac-
cordance with such terms OF agreement,
pay all mortgages protected by such poll
cy in the order of their priority OF claim,
as their claim shall appear, not beyond the
amount for which the company is liable.
and such payment shall be to the extent
thereof, payment and satisfaction Of the
liaility of the company under such policy.
Sec. 50. In all insurance against loss by
fire the conditions of insurance shall be
stated in full, and neither the applications
of the insured nor the bylaws Of the COM
pany shall be considered a warranty
part of the contract, except so far as
they are incorporated in full into the pol
icy.
Sec. SO. No fire insurance company shall
issue fire insurance policies on property in
this state other than those of the standard
form herein set forth except as follows, to
wit
its policies it's name, location and date of
incorporation, the amount of its paid-up
capital stock, the names of it's officers and
agents. the number and date of the policy,
and, if it is issued through an agent, the
words, "tThis policy shall not be valid until
countersigned by the duly authorized agent
of the company at -%.'
Second-A company may print or use in
its policies printed forms of description
and specification of the property insured.
ThirdIA company insurins against dam
enumcrating the periis insured against, tile
additional words, ''also any damage by
lightning, whether fire ensues or not" and
ment of loss in case of other Insurance. the
words "whether by fire, lightning, or
both"
formed in this state may print in its poll
cies any provisions which it is authorized
or required by law to insert therein; and
any company not Incorporated or formed in
this state may, with the approval of the
insurance commissioner, so print any pro-
vision required by it's charter or deed of
settlement, or by the laws of it's own state
or country, not contrary to the laws of
this state. provided that the insurance
commissioner shall require any provision
which, in his opinion. mod Ses the contract
OF insurance in such a way as to affect the
question of loss to be appended to the pol
icy oy slip or rider, as hereinafter pro-
vided.
Fifth-The blanks in said standard form
may be filled in print or in writing.
SiXth-A company may print upon poll
cies issued in compliance with the preced-
Ing. provisions of this section the words
Minnesota standard policy"
Seyenth-A comma nv nav uyrita ,,por ~ i,