PART III. And a creditor may insure the life of his TIT. II. CAP. IX. debtor. (Sm. Merc. Law, 407-8; Bunyon, 19, 20; Ad. Con. 557.) 954. Insurance with different insurers. If for greater security anyone thinks fit to insure with different insurers by different contracts, and to pay the premium on each policy, he is at liberty to do so; but he can only recover in the whole the amount of his insurable interest; and if he has received the whole amount from one insurer, he is precluded from recovering any more from the others. (Hebdon v. West, 3 Best & Sm. 579.) 955. Declaration. It is usual for the person whose life is insured to subscribe a declaration concerning his age, health, and other circumstances, which is generally, either expressly or by reference, embodied in the policy, and the correctness of which is a condition precedent to the responsibility of the insurers. But a warranty that the insured is in good health, means in reasonable good health, not that he is perfectly free from illness. (Sm. Merc. Law, 409; Bunyon, 31; Ad. Con. 558.) 956. Fraud, mis representa cealment. Fraud, misrepresentation, or non-comtion, or con- munication of material circumstances by the insured or his agent when the policy is effected, renders it void. (Ad. Con. 558-9; TIT. II. CAP. IX. see Perrins v. Marine, &c., Insurance Society, PART III. 2 Ell. & Ell. 317; Macdonald v. Law Union Insurance Co., L. R. 9 Q. B. 328; Ionides v. Pender, L. R. 9 Q. B. 531.) 957. A proviso is ordinarily inserted, declaring Proviso. the policy to be void, in case the insured should die upon the seas, except in certain. cases, or should go beyond Europe without leave, or (where a man insures his own life) should commit suicide or be executed for any crime, or if the age of the insured exceeds years, or if he has disease tending to shorten life, or if the declaration contains any untrue account. But this is generally expressed to be subject to the exception, that the policy shall remain in force so far as it regards any bonâ fide interest acquired in it by a third person. (Sm. Merc. Law, 409, 411; Bunyon, 67-8, 78.) 958. payment of In case of non-payment of the premium Default in in the stipulated manner, the policy will be premium. void, and will not be revived by a subsequent receipt of the premium, though the company may not have been at all damnified. Nor will it be an available excuse that the assured received no notice reminding him of the day for paying the premium; for such a renewal notice, as it is termed, though customary, is not required by law. 959. PART III. By the conditions, a certain number of TIT. II. Days of grace. CAP. IX. days after the day named for payment, called days of grace, are frequently allowed for the payment; but these cannot be depended upon if the life should drop after that day and before payment. (Sm. Merc. Law, 411 ; Bunyon, 65-6; Ad. Con. 560.) 960. Assignment of policy. not a con demnity. A policy of insurance, being a chose in action, was not assignable at Law, so as to enable the assignee to sue at Law in his own name; but the assignment was valid in Equity, and enabled the assignee to sue at Law in the name of the assignor, in whom the legal interest still remained after the assignment. (Ad. Con. 562.) Now, however, the assignee may sue in his own name. (30 & 31 Vict. c. 144, s. 1. And see supra, par. 230.) 961, A life policy A policy of life insurance is not a contract tract of in- of indemnity; and hence a person may claim the benefit of the policy, even though he may have sustained no loss by the occurrence of the event upon which the money becomes payable. So that if a creditor insures the life of his debtor to the extent of his debt, the creditor may recover the money insured, though the executors of the debtor may have paid the debt. (Ad. Con. 563; Rosc. 321.) 962. III. Fire Insurance. TIT. II. An insurance against fire is one by which PART III. the insurer, in consideration of a payment Cap. IX. in gross or at stated intervals, agrees to Fire indemnify the assured for a certain time defined. against damage to his property by fire. 963. insurance the insured. The insured must have some kind of Interest of pecuniary interest in the property or of accountability for its safety; and he can only recover to the extent of that interest. And the assurance is not assignable without the insurer's consent. (Sm. Merc. Law, 414; 2 Ste. Com. 133-4; Ad. Con. 450; 14 Geo. III. c. 48, s. 1.) 964. A warehouseman, wharfinger, common carrier, or bailer of goods may keep up a floating policy for the insurance of the goods of his customers; but the money will belong to them, and may be recovered from him, when received by him. (Ad. Con. 555.) 965. Risks are usually divided into three: 1st, Different common insurance; 2nd, hazardous; 3rd, risks. doubly hazardous. But there are also extraordinary risks, which are the subject of special agreement. (Sm. Merc. Law, 415.) PART III. A loss by mere negligence, without fraud. CAP. IX. is covered by the policy. (Sm. Merc. Law, Negligence. 417; Ad. Con. 553.) 967. Increase of If the insured alters the premises in such thefak by altering the property. Cousual risk. Power of obliging the Insurance laid out in repairs, a way as to increase the risk, he thereby forfeits the policy. (Ad. Con. 551.) 968. If the insured does not disclose to the insurer any unusual risk existing at the time of the policy, this will deprive the insured of all right of action on the policy. (Ad. Con. 552.) 969. A mere proviso or condition giving a certain number of days of grace for the payment of the premium will not protect the insured, in case a loss by fire happens within those days, but before the premium is paid. There should be an express stipulation that the insurance shall continue, and the property be covered by the policy, until the expiration of the days of grace. (Ad. Con. 554.) 970. To deter persons from setting their own. money to be premises on fire in order to obtain the sum for which they are insured, the insurance office may, at the request of any person interested in a building within the bills of mortality burnt down or damaged, or upon any suspicion of fraud, cause the insurance money to be expended in repairs, unless the |