INSURANCE

A contract for the payment of a certain sum on the occurrence of a certain event. The term a urance is generally confined to thos. contracts death of an under individual which ora certain individuals sum now"is to living be paid; while on tin in surance is applied to those which provide for the | of a sum on the occurrence of events not depending on the duration of human life, and which may never happen, such as the lo of ships at sea, the destruction of houses by fire, <fec. A urances on Lives, are contracts which stipulate fu the payment of a certain sum of money on the death of one or more individuals, in consideration of an immediate payment, or, more frequently, of an annuity or annual contribution,to be continued during the existence of the lives a ured. Contracts of this kind are of immense importance to society. Every man whose income depends on [s. 110]