Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1909-07-08


year, as license fee for trerSacting such
business, TWO per CeQtum upon the gross
premiums received during the preceding
year on ali policies or contracts which
have been written on the lives OF resi-
dents or property in this state
Section 1896. Subject 10 the conditions
ana IN the manner prescribed by law, q
corporation may be organized By fifteen or
more residents Of this state to transact
the business o. insurance and the articles
FheFeOI may be amended in the manner
provided IN chapter Sc of the statutes,
except that such articles and amendments
snail be filed in the Office of the commits
sloner OF insurance instead of being filed
IN the office OF the secretary of state, and
snail be submitted TO and approved by
the attorney general before filing.
section 1897. An insurance corporation
may be formed for the following purposes
he mention OF several subjects or risks
ct insurance In any subsection indicates
tna. any one or more or all may be in
Cluded.l
l. Fire Insurance Against loss or
damage to property on land. by fire, light
ming, hail, tempest or explosion.
Z. Marine Insurance. Vessels, freights
goods. moneys, effects. and money loaned
on bottomry and respondentia. against the
peri!s OF the seas and other perils usually
insured against by marine insurance. in
Guiding the risks OF inland transportation
and navigation.
3: Life Insurance. Upon the lives or
health Of persons, and every assurance per
dispose OF annuities and endowments,
4. Disability Insurance. Against bodily
injury or death by accident, and upon the
health Of persons.
damage by the sickness bodily injury or
death by accident, Of pny person for which
loss or damage the Insured is liable.
o.. Steam Boiler Insurance. Against loss
or Damage TO the property OF the insured
or to the life, person or property Of an
other for which the insured Is liable,
caused by the explosion of steam boilers,
pipes. engines, motors and machinery con-
nected herewith or operated thereby
1. Fidelity insurance. Against the loss
from the defaults OF persons In positions
OF trust, public or private. and to guar
antee the performance of contracts and
q. Title Insurance. To examine titles
to real and personal property, furnish In
formation relative thereto and insure
against loss or damage by reason OF in
cumbrance and defects In titles and
against non-payment OF principal and IN
terest Of bonds and mortgages.
-, 3 Credit Insurance. Against loss from
the failure Of persons indebted to the as
sured to meet their liabilities.
10. Burglary Insurance. Against loss
or damage by burglary or theft, or both.
II. Plate Glass Insurance. Against the
0reakage of glass, located or In transit.
u. Sprinkler Leakage Insurance. Against
loss or damage by water, caused by the
bFeakage or leakage of sprinkIers, pumps
DIJOFeS
and against accidental injury to such
Sprlnklers and other apparatus.
-. Elevator Insurance. Upon elevators
and vehicles. and to inspect the same and
issue certificates thereof.
IA. Live Stock Insurance. Against loss
or damage to domestic animals, except BY
fire, and to furnish the services Of O. vet.
Urinary surgeon for such animals.
10 other Casualty Insurance. Against
loss or damage TO property by any other
casualty which may lawfully be the sub
1ect Of insurance, and which shall be speci-
fed in the articles of organization, and for
winch no other pClYtSiou Is made by law
Section 1874 l. Companies may be
formed upon the stock plan to transact
any Kind Of insurance authorized by sec
ZION 1897, or upon the mutual plan to
transact the kinds OF insurance described
IN subsect1ons l, 2, 3, 4, 8, IL, IL and IA
of section 1897.
2. No company shall be formed for the
purpose Of engaging in any other kind of
insurance than that specified In some one
or the suhsections OF section 1897 or more
kinds Of insurance than are specified in
n single subsection, except that a company
may be formed.
(o) For the purposes specified in sub
sections 1, ?, and ~; or
90 For the purposes specified In Eub.
sections 5 and 4 ; or
(cl For any or all Of the purpose.
specified IN Bubsections to II, both in.
elusive.
3. Insurance under each subsection OF
o'StIph 1907 SHALL Ne Written III BeDSTS Ic
and distinct policies except that the same
policy may embrace risks specified In sub.
sections l ana II or 4 and s
4. insurance against damage by hail to
tinct policies from other insurance men.
toned In subsection l OF section 1897.
Section 18e7b. l. The name Of every
corporation hereafter organized doing bus
word mutual" and If the liability of thu
members to the company and thereby the
liability Of the company to the members
shall be limited, the name OF any corpo-
ration hereafter organized shall contain the
words limited mutual
,. No name shall be used which Shall
be SO similar to any name already in use
as TO mislead the public In any respect
Section 1870 l. The articles Of a
mutual Insurance company shall provide
l&l That every person, corporation, as
ISOLATION or partnership insured shall be q
member and shall have one vote
o. For amendment of the articles by
vote of three-fourths Of the members
voting at a regular or special meeting aft
er the proposed amendment has been fled
with the secretary and the commissioner
Of insurance and a copy thereof with no.
tice OF the time and place OF meeting has
been mailed to each member at least thirty
days prior to such meeting.
2. The articles of q mutual insurance
company, subject to the condition that the
same be expressed in every policy, may
limit
: (a) The insurance to specified kinds or
classes Of property, lives, individuals or
liabilities within any subsection of section
1&97a;
tb) The territory within which insur-
ance shall be granted or
tC) The liability of members which
liability shall be the annual premium or a
specified number Of times the annual pre-
MUM.
Section 1897d. 1. Every insurance cor
poratton shall adopt bylaws and prescribe
the manner in which the same may be
amended.
copy of such bylaws and of any
amendments thereto, accompanied by the
certificate Of the president and secretary
stating that the same have been duly
adopted and that such copy is true and
complete, shall be fled with the commits
sioner Of insurance within thirty days aft
er such adoption, and In case of failure so
to do each shall forfeit twenty-five dol
lars.
Section 1s97e. 1. In a mutual insur-
aECe corporation, q statement of the
agreements or applications for insurance
made before organization shall be fled
with the commissioner Of insurance in such
form as he shall require.
,. Every person making such agree
ment or application shall, after such fl
ing, and until the corporation begins 10
transact insurance, be entitled TO notice
Of and to participate in all meetings of
members Of the corporation.
Section 1873 1. No stock insurance
company shall transact the business Of in
gurance unless
"a 1t has a capital stock actually paid,
In cash or invested as provided by law,
of at least one hundred thousand dollars
for the insurance specified In any one sub
section Of section 1897:
(bl With an additional fifty thousand
dollars for the insurance mentioned in any
other subsection which may be transacted
by such company:
(cl Provided that the capital stock re
uuired or to be added for transacting bust
ness under either subsection to IA need
not exceed twenty-five thousand dollars;
ID Provided, that a company transact