Election trouble abound.The December 1906 issue of the life edition of Best's Review covered elections within Mutual Life Insurance Co. and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Life Insurance Co. With balloting closed, counting votes should have begun-but the five inspectors of the election couldn't decide on a procedure to count the votes for New York Life. Counting had begun for Mutual Life, but the procedure agreed upon Adj. 1. agreed upon - constituted or contracted by stipulation or agreement; "stipulatory obligations" stipulatory noncontroversial, uncontroversial - not likely to arouse controversy was expected to take years to complete. The December property/casualty edition covered the opinion reversal of the attorney general of New York in relation to unearned premiums. Julius M. Mayer, attorney general, wrote, "The receiver of an insolvent INSOLVENT. This word has several meanings. It signifies a person whose estate is not sufficient to pay his debts. Civ. Code of Louisiana, art. 1980.. A person is also said to be insolvent, who is under a present inability to answer, in the ordinary course of business, the responsibility fire insurance company is justified in using the unearned premium fund for purposes of reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. or of restoring to the policyholders upon cancellation of their outstanding policies." Mayer also considered policyholders to be "preferred creditors preferred creditor A creditor having priority to payment over one or more other classes of creditors. For example, holders of first mortgage bonds must be paid by the borrower before payments are made to holders of second mortgage bonds on the same to the extent of the unearned premium," and "that a corporation, in contemplation of insolvency, may use its unearned premium fund in the acquiring of reinsurance as to all outstanding fire policies." |
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