The Washburn times. [volume] (Washburn, Wis.) 1896-1976, 1909-07-29


acting the business of casualty or surety
ship insurance shall pay to the state on
or before the first day of March in each
/ year, as license fee for transacting such
! business, two per centum upon the gross
premiums received during the preceding
year on all policies or contracts which
nave been written on the lives of resi-
dents or property in this state.
section 1896. Subject to the conditions
ana IN the manner prescribed by law, a
corporation may be organized by fifteen or
more residents of this state to transact
the business of insurance and the articles
tnefe0f may be amended in the manner
provided in chapter SO 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
N the office Of the secretary of state, and
shall be submitted to and approved by
the attorney general before filing.
Section 1897 An insurance corporation
may be formed for the following purposes
! The mention of several subjects risks
| Of insurance In any subsection Indicates
I that any one or more or all may be in
! cluded.)
I 1. Fire Insurance. Against loss or
damage to property on land. by fire, light
hlng' nail. tempest or explosion.
K Marine insurance Vessels, freightS
goods, moneys, effects. and money loaned
on bottomry and respondentia. against the
! perlls OF the seas and other perils usually
insured against by marine insurance. in
; AAShS Va tIdunPOl tutAOA
/ and navigation. "~H XXI .'.
8: Life Insurance. Upon the lives or
health of persons, and. every assurance per-,
tanning thereto, and to grant. purchase or
dispose Of annuites and endowments.
4. Disability Insurance. Against bodily
injury or death by accident, and upon the
health Of persons. @
8. Liability Insurance. Against loss or
Damage oy the sickness, bodily injury or
/ death by accident. Of any person for which
loss or damage the insured is liable.
q. Steam Boiler insurance Against loss
| or damage to the property Of the insured
| or to the life person 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.
Z. 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
op!lgat1ons other than that Of insurance.
3. 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 on-payment of principal and in
! terest OF bonds and mortgages. ..4t a..
/ :, 8. Credit Insurance. Against loss from
the failure Of persons indebted to the as
sured to meet their liabilities.
~: Burglary Insurance, Against loss
! or damage by burglary or theft, or both.
IL. Plate Glass Insurance. Against the
breakage of glass, located or In transit.
II. Sprinkler Leakage Insurance. Against
loss or damage by water caused by the
breakage or leakage of sprinkIers pumps,
water pipes or plumbing, or Its fixtures,
and against accidental injury to such
sprinkiers and other apparatus.
IL. 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 q vet
Urinary surgeon for such animals.
| 10. Other Casualty Insurance. Against
loss or damage to property by any other
1ect of insurance. and which shall be speci-
fed in the articles of organization, and for
which no other provision is made by law.
,or Section no 1921 l. Companies may be
any kind of insurance authorized by sec
tion 1897, or upon the mutual plan to
| transact the kinds Of insurance described
| OF section 1897.
2. No company shall be formed for the
| purpose OF engaging In any other kind Of
Of the subsections Of section 1897, or more
kinds of insurance than are specified In
a single subsection, except that a company
may be formed.
sections !, 2, and 12: or
(b) For the purposes specified in sub
sections and 4 ; or
(c) For any or all Of the purposes
! specified in subsections to IA, both in
| elusive.
3. Insurance under each subsection Of
section 1897 shall be written in separate
and distinct policies, except that the same
policy may embrace risks specified IN sub
sections / and IL or and g.
4. Insurance against damage by hail to
crops shall be written in separate and dis
tinct policies from other insurance men
toned in subsection of section 1897.
Section 1S97b. !. The name of every
corporation hereafter organized doing bus
MI on cha1I kofv @ha
word mutual" and II the liability Of the
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"
2. 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. 1. The articles Of a
mutual insurance company shall provide,
(a) That every person, corporation, as
ISOLATION or partnership insured shall be a
member and shall have one vote
(b) For amendment of the articles by
a vote of three-fourths Of the members
voting at regular or special meeting aft
er the proposed amendment has been filed
with the secretary and the commissioner
of insurance and 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. ~
. The articles of a mutual insurance
company, subject to the condition that the
same De expressed IN every policy, may
limit
GAY The insurance to specified kinds or
classes Of property, lives. individuals or
Liabilities within any subsection of section
1S97a;
(b) The territory within which insur-
ance shall be granted;
(c) The liability of members. which
liability shall be the annual premium or a
specified number Of times the annual pre-
MUM.
Section 1s97d. 1. Every insurance cor
poration shall adopt bylaws and prescribe
the manner in which the same may be
amended.
A 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
complete, shall be filed with the commits
sioner Of insurance within, thirty days aft
such adoption, and in case of failure so
to do each shall forfeit twenty-five dol,
lars. -. -; "a 49,"
Section 1S97e 1. In mutual insur-
ance corporation, a statement Of the
agreements or applications for insurance
with the commissioner of insurance in such
form as he shall require.
2 Every person making such agree
ment or application shall, after such fill
ing, and until the corporation begins to
transact insurance, be entitled to notice
of and to participate in all meetings of
members Of the corporation.
Section 1919. 1. No stock insurance
company shall transact the business of In
Surance 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
Af n4ts