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Fire Protection And Insurance
Fire losses.-The annual loss from fire in the United States amounts to nearly $3 per capita, and shows but little diminution in the past fifty years. The losses since 1878 are as follows:
Financial Aspect Of Fire Insurance Protection
The financial phase of the problem of fire protection is not unworthy of considerable attention. The whole problem of fire protection is closely allied to the problem of fire insurance.
Insurance Rating
From what data or how the first tables of rates for fire insurance were compiled is not known. But it is known that they were not based, as is the practice of to-day, on the amount of property insured but on its rental value.
Insurance - Minimum And Specific Rates
The minimum rate is a rate applying to a large class; a class so identical in size, experience, and uniformity of hazard as to make specific rating unnecessary. A type of this class is the ordinary dwelling house, of which there are probably ten million in the United States.
Universal Mercantile Schedule
The Universal Mercantile Schedule is the work of a committee that devoted several years to the subject, bringing the work out in its completed form in 1893. It was tested out in some six preliminary editions, and in its final form was published in the year mentioned.
Insurance - Analytic Schedule
The complete title of the schedule is the Analytic System for the Measurement of Relative Fire Hazard. The schedule is the work of Mr. A. F. Dean, of Chicago, Assistant Manager of the Western Department of the Springfield Fire and Marine Insurance Company.
Insurance Contract
A policy of insurance is a contract that does not differ in its fundamental principles from other contracts. It requires that there shall be an agreement to do or not to do a certain thing for a fixed consideration.
Insurance - New York Standard Policy
General provisions of New York standard policy.—The New York standard policy has been indexed line by line, and for the convenience of reference is usually referred to in that manner.
Insurance - Clauses And Warranties
In the preceding chapter was considered the standard policy itself. The various clauses used in connection therewith must now be considered. When the standard policy was adopted provision was made that certain clauses, called riders, could be attached to the policy, covering a specific manner of granting the privilege for a certain thing, which privilege the policy permits.
Insurance - Forms And Policy Writing
The form is that part of the contract added to the policy to describe the property insured. It may be written or typed directly on the policy itself in the blank space provided, but as a rule it is a separate sheet attached to the policy.
Insurance - Loss Settlements
Losses.—Insurance is written not because people merely 'wish for it but because a loss may or rather will occur.
Brokers, Brokerage, Moral Hazard, And Underwriting
The broker in fire insurance is the individual who represents the insured. He takes charge of the insurance interests of his clients, sees that the proper amount of insurance is secured, the proper kind of policies issued, the rates charged correctly computed, and attends to all the details in connection with that part of the insured's interests.
Organization Of Life Insurance Companies
Life insurance defined.—Life insurance is a pro-vision against a hazard which is certain to occur. Here, of course, the element of uncertainty is the time of death.
Mortality Tables
The basis of mortality tables.—Premium payments and the interest return are, of course, important matters in connection with life insurance. The real, underlying plan of life insurance, however, is founded on what are known as mortality tables.
Insurance Policies And Premium Rates
In considering life insurance policies, one of the first classifications might be into participating and non-participating policies. Participating policies entitle the holders to a share in the company's profits.
Industrial And Assessment Insurance
Industrial insurance defined.—Industrial insurance is substantially life insurance, but owing to certain principles in connection with its sale it has come to enjoy the special definition, Industrial Insurance.
Casualty Insurance
The expenses in liability insurance are exceedingly heavy, approximately 50 per cent of the total premium. The company, therefore, must see that its losses do not exceed 40 per cent if it expects to have a margin of 10 per cent for profits and contingencies.
Workmen's Compensation
Workmen's compensation defined.—The basic difference between workmen's compensation and employer's liability is that under employer's liability about one accident in eight and one-half that occurred in industrial plants was subject to compensation.
Other Branches Of Casualty Insurance
Less important branches.—The forms of casualty insurance thus far treated represent the leading branches from a premium production standpoint to-day, and probably will continue to do so in the future.
Introduction To Real Estate
Real estate is sometimes inaccurately spoken of as a profession, but it is essentially a business.
Interest In Land
Land has existed from the beginning of property, and is indestructible in its nature. Each piece of land has a history, and many persons, having various and conflicting rights, may have been interested, either successively or concurrently, in its ownership.
Brokerage
Brokerage is a branch of the agency division of the real estate business. The persons most interested, whose property and money are involved in the transactions are the principals, and the broker is the agent of one or both of them.
Contracts
A contract is a deliberate engagement between competent parties, upon legal consideration, to do or abstain from doing some act. In the real estate business when we speak of a contract, we arrogate that word, which is a generic legal word, to our business.
More Contracts
A real estate contract is a commercial transaction, which resolves itself finally into the transfer of money against property.
Auction Sales
Another method of bringing about a sale of real property is that of selling it at auction. It may not always be possible to find a purchaser at private sale for property at the time it is desirable or necessary that it be sold.
Liens
A lien is the right of a creditor to have a debt or charge satisfied out of property belonging to another.
Taxes And Assessments
One of the incidents of the ownership of all property is that it or its owner must contribute to the expenses of conducting civilized government, and in all civilized governments the money to meet these expenses is collected by tax upon property.
The Transfer Of Title And Title Insurance
Title to land may be transferred in one of two ways, either by conveyance, voluntary or involuntary, or by operation of law.
Deeds
There are various forms of deeds used in the different states. In the State of New York there is in use, by legislative enactment, a short form of deed which contains all the elements, clearly expressed, that are in the long and verbose form.
Bond And Mortgage
The law of supply and demand affects interest rates more quickly than it does any other commodity. Money is a mere commodity in the lending market.
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