Double Insurance - Law Dictionary Search Results
Home Dictionary Name: double insuranceDouble insurance
Double insurance takes place when the assured makes two or more insurances on the same subject, the same risk, and the same interest. The assured may recover the amount of his actual loss against any of the insurers, but nothing beyond this, and if he obtains full satisfaction from one of the assurers, the latter is entitled to contribution from the others. Excess of indemnity received by the assured is held by him in trust for the assurers. Double insurance is therefore entirely different from re-insurance, which is effected by the underwriter to secure himself from a loss. Double insurances are not prohibited by the law maritime unless fradulently made; see Arnould on Marine Insurance, 8th Edn. P. 430; the Marine Insurance Act, 1906, ss. 32, 80; Newby v. Reid, (1763) 1 W Bl 416.Double insurance is prohibited under the (English) National Health Insurance, Old Age, and Widows, etc., (English) Contributory Pensions Act, 1936....
Re-assurance
Re-assurance, a contract that a first insurer enters into to release himself wholly or in part from a risk which he has undertaken by throwing it upon some other insurer. Re-assurance is not to be confounded with double insurance....
National insurance
National insurance. The (English) National Insur-ance Act, 1911 (1 & 2 Geo. 5, c. 55), introduced by Mr. Lloyd George, established a wide system of compulsory state insurance covering both ill-health and unemployment, which is based upon premiums contributed in part by the employer, in part by the employee, and in part by the State. The Act consisted of three parts, the first dealing with National Health Insurance, the second with Unemployment Insurance, and the third contained miscellaneous provisions. This Act remained the basis of National Health Insurance, although the subject of very extensive amendment, until the National Health Insurance Act, 1924, consolidated the law. The law has been consolidated again by the (English) National Health Insurance Act, 1936 (26 Geo. 5, and 1 Edw. 8, c. 32), amends and repeals the whole of the Acts passed in 1920, 1922, 1924 and 1928. The arrangement is as follows:-Part I. Insured Persons and Contributions.Part II. Benefits.Part III. Approved Soc...
double indemnity
double indemnity : a provision in a life insurance or accident policy whereby the company agrees to pay twice the face of the contract in case of accidental death ...
Double or conditions bond
Double or conditions bond, the ordinary form of bond came to be one accompanied by a condition in the nature of a defeasance, the performance of the condition generally being secured by a penalty. This form of bond is called a double or conditional bond, and consists of two parts: First, the obligation, and secondly, the condition, Guyana and Trinidad Mutual Fire Insurance Co. Ltd. v. R.K. Plummer & Associates Ltd., (1992) 8 Const LJ 171 PC...
double dipping
double dipping : the usually illicit practice of accepting income from two mutually exclusive sources (as from a government pension and a government salary or from two insurers for the same loss) ...
Possibility on a possibility
Possibility on a possibility. Lord Coke lays it down as a rule that the event on which a remainder is to depend must be a common possibility, and not a double possibility, or a possibility on a possibility, which the law will not allow. Thus he tells us that the chance that a man and a woman, both married to different persons, shall themselves marry one another is but a common possibility. But the chance that a married man shall have a son named Geoffrey is stated to be a double or remote possibility; see Williams on Real Property; 2 Rep. 51 a; 10 Rep. 50 b; Co. Litt. 184 a. The idea that there cannot be a possibility and a possibility seems to have been a conceit invented by Popham, C.J., but it was never really intelligible, Whitby v. Mitchell, (1890) 44 Ch D p. 92, per Lindley, LJ, and never applied to trusts of personal estate [Re Bowles, (1902) 2 Ch 650]. It gave rise, however, to the rule, now well settled in regard to limitations and trusts of realty created by instruments comin...
Stamp duties
Stamp duties, a branch of the revenue. They are a tax imposed on all parchment and paper whereon certain legal proceedings and certain private ins-truments re written; and on licences for various purposes.The consolidating Stamp Act, 1870, superseded the very numerous older enactments [in great part repealed by the (English) Inland Revenue Repeal Act, 1870 (33 & 34 Vict. c. 90)] in regard to the duty on the various classes of instruments, but by s. 17 of the Stamp Act, 1870 (re-enacted by s. 14 of the Stamp Act, 1891), reversing the former law, see Buckworth v. Simpson, (1835) 1 CM&R 384, the stamp to be affixed to an unstamped document to render it admissible in evidence was not the stamp in accordance with the law at the time of affixing it, but the stamp in accordance with the law in force at the time when the document was first executed.Very important alterations in the law of stamps were effected by the Customs and Inland Revenue Act, 1888. Prior to that Act it was no offence not ...
interplead
interplead [Anglo-French enterpleder, from enter- between, among + pleder to plead, from Old French plaidier] vt : to bring (adverse claimants) into court by interpleader [the defendants can injured stock purchasers if they fear the latter may have a superior claim…to the agents' illicit profits "R. C. Clark"] compare implead, intervene vi : to go to trial with each other in order to settle adverse claims to property held by or an obligation owed by a third party (as an insurance company) [may be joined as defendants and required to when their claims are such that the plaintiff is or may be exposed to double or multiple liability "Official Code of Georgia Annotated"] ...
Limited liability
Limited liability. At Common Law every person is liable, upon his contracts, up to the whole amount of his estate, and every partner is so liable upon all the contracts of the partnership. So extensive a liability being apt to prevent persons from engaging in business as partners, the statutes authorizing the construction of railways, etc., have always limited the liability of each shareholder to the amount of the shares held by him. Similar limitations, extending in some cases to double the amount of shares held, have also long been found (though not universally) in the charters of incorporated banks and insurance companies.Companies Acts.--Under the Companies Acts, limited liability means that the members are not liable beyond the unpaid-up part (if any) of the nominal amount of the shares in respect of which they are registered in the books of the company. When a share has been fully paid up, no further liability exists. As to shares which have not been fully paid up, see CONTRIBUTO...
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