INSURANCE

A contract whereby, foJ a stipulated consideration, one party under• takes to compensate the other for lo on e specified subject by specified perils. The par• ty agreeing to make the compensation ii usually called the "insurer" or "under writ er;" the other, the "insured" or "a ured;" the agreed consideration, the "premium;" the written contract, a "policy;" the events insured against, "risks" or "perils;" and the subject, right, or interest to be protected. the "insurable interest." 1 Phil. Ins. §§ 1-5. Insurance is a contract whereby one undertakes to indemnify another against lo , damage, or liability arising from an unknown or contingent event. Civil Code, Cal. § 2527; Civll Code Dak. I 1474. See People v. Rose, 174 Ill. 310, 51 N. E. 246, 44 L. R. A. 124; Barnes v. People 168 Ill. 425, 48 N. El 91; Dom. v. Wether bee, 105 Ma . 160; State v. Vigilant Ins. Co., 30 Kan. 585, 2 Pac. 840; Com. v. Provident" Bicyele A 'n, 178 Pa. 636, 00 Atl. 197, 36 Ii. R. A. 589; Com. v. Equitable Ben. A. 'n, 137 Pa. 412, 18 A.tL 1112; Tyler v. New ·Amsterdam F. Ins. Co., 4 Rob. (N. Y.) 155.. Cla if i.cation.-Accident insurance is that form of insurance which undertakes to indemnify the a ured against expense, lo of time, and suffering resulting from accidents causing him physical injury, usually by pay- J ment at a fixed rate per week. while the consequent disability lasts, and sometimes including the payment of a fixed sum to his heirs in case of his death DY accident within the term of the policy. See Employers' Liability A ur. Corp. v. Merrill, 155 Ma . ~. 29 N. E. 529.- Burglary insurance. Insurance against lo K of property by the depredations of burglars and thieves.-Casualty insurance. This term is generally used as equivalent to "accident" insurance. See State v. Federal Inv. Co., 48 Minn. 110, 50 N. W. 1028. But in some states it means insurance against accidental injuries to property, as distinguished from accidents l resulting in bodily injury or death.· See Employers' Liability A. ur. Corp. v. Merrill, 155 Ma . 404, 29 N. E. 529.-Commercial insurance is a term applied to indemnity agree• ments, in the form of insurance bonds or policies, whereby parties to commercial contracts are to a designated extent guarantied against M lo by reason of a breach of contractual obli- [s. 647]