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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1870 Excerpt:...What is the amount of his purchase? Ans. $5853.66. INSURANCE. 313. Insurance is security against loss of property by fire, storms, or other casualties, and is known as Fire Insurance, Marine Insurance, or Life Insurance, according to the nature of the indemnity given. Insurauce, though sometimes made by individuals, is usually undertaken by some joint stock company, represented by agents in different localities, and transacting business under the name of an " Insurance Company," or an "Assurance Company," as the "New England Insurance Company." The party taking the risk is known as the insurer or underwriter. The written contract by which the underwriter, or Insurance Company indemnifies the person insured against loss, is called a Policy of Insurance, or simply a Policy. The sum paid for insurance is called the premium, and is generally reckoned at a certain per cent, of the estimated value of the property insured. Quest. 312. What la Commission, and how reckoned? 313. What is Inrarance? 314. The rate per cent, charged for Fire Insurance depends upon the character of the risk taken. Where buildings are of wood, or near together, or are employed for the storage of combustible materials, the rate is higher. Where buildings are of brick, or stone, with slate, tin, or other non-combustible material for roof, and where the arrangements for fire and lights are secure, and the business for which they are occupied is not hazardous, the rate of insurance is lower. So, in Marine Insurance, the rate charged for insuring a new and stanch ship, at a season of the year when storms are usually light and unfrequent, will be low: while the rate for the same craft, during a tempestuous season, would be higher; and the rate charged for a less se...