INS 



INS 



chapel of St. George at Windsor, and on 

 many other like occasions. It is some- 

 times termed installation. 



INSTANT, such a part of duration 

 wherein we perceive no succession ; or, 

 it is that which takes up the time only of 

 one idea in our minds. 



INSTINCT, an appellation given to 

 the sagacity and natural inclinations of 

 brutes, which supplies the place of reason 

 in mankind. 



INSTITUTES, in literary history, a 

 book containing the elements of the Ro- 

 man law, and constitutes the last part of 

 the civil law. The Institutes are di- 

 vided into four books, and contain an 

 abridgment of the whole body of the civil 

 law, being designed for the use of stu- 

 dents. 



INSTITUTION, to a benefice, is that 

 whereby the ordinary commits the cure 

 of souls to the parson presented, as by 

 induction he obtains a temporal right to 

 the profits of the living. Previous to the 

 institution, the oath against simony, 

 the oaths of allegiance and supremacy, 

 are to be taken ; and, if it be a vicarage, 

 the oath of residence. They are also to 

 subscribe the thirty-nine articles, and the 

 . articles concerning the king's supremacy, 

 and the book of common prayer. 



INSULATED, in electricity, a term ap- 

 plied to bodies that are supported by 

 electrics, or non-conductors, so that their 

 communication with the earth, by con- 

 ducting substances, is interrupted. 



INSURANCE, or ASSURANCE, in law 

 and commerce, a contract or agreement, 

 whereby one or more persons, called in- 

 surers, assurers, &c. oblige themselves to 

 answer for the loss of a ship, house, 

 goods, &c. in consideration of a premium 

 paid by the proprietors of the things in- 

 sured. See ASSUKAHCE. 



INSURANCE, marine. Insurance is a 

 contract of indemnity, whereby the party, 

 in consideration of a stipulated sum, un- 

 dertakes to indemnify the other against 

 certain specific perils or risks to which 

 he is exposed, or against the occurrence 

 of such events. The party who takes on 

 himself the risk, is called the insurer ; the 

 party protected by the insurance is called 

 the insured ; the sum paid to the insurer, 

 as the price of this risk, is called the 

 premium ; and the written instrument, 

 in which the contract is set forth, and re- 

 duced into form, is called a policy of in- 

 surance. 



Marine insurance is made for the pro- 

 tection of persons having an interest in 

 ships, or goods on board, from the loss or 



damage which may happen from the pe- 

 rils of the sea, during a certain voyage, 

 or for a fixed period of time. 



In this country all persons, whether 

 British subjects or aliens, may in general 

 be insured ; the only exception is in the 

 case of an alien enemy. He cannot main- 

 tain an action on a policy on goods, 

 though they were shipped before the war 

 commenced ; nor can an agent of such 

 insured maintain the action, though he 

 be a creditor of the insured for more than 

 the sum insured. 



The statute 6 George I. c. 18, autho- 

 rized the king to grant charters to two 

 distinct companies or corporations, called 

 the Royal Exchange Assurance, and 

 London Assurance ; for the insurance of 

 ships, goods, and merchandises, at sea, or 

 going to sea, and for lending money on 

 bottomry. They are invested with all 

 the powers usually granted to corpora- 

 tions, and the privilege of purchasing 

 lands to the amount of one thousand 

 pounds per annum each, to provide a suf- 

 ficient capital to insure all demands on 

 their policies. All other companies are 

 restrained from insuring ships and goods 

 at sea, or lending money on bottomry 

 And all policies made by any other cor- 

 poration, and any copartnerships, shall 

 be void, and the sums underwritten for- 

 feited, and all bottomry bonds deemed 

 usurious : but the right of individual in- 

 surers continues as before the act. Con- 

 tracts made in derogation of the rights 

 of the insurance companies are illegal and 

 void. 



Ships, freight, goods, and merchan- 

 dises, &c. are the proper subjects of ma- 

 rine insurance, and there are certain arti- 

 cles which, from motives of public policy, i 

 cannot be legally insured in this country, 

 and others which can only be insured un- 

 der particular restrictions. 



Insurance being a contract of indem- 

 nity from loss or damage, arising upon i 

 an uncertain event, there cannot be an ; 

 indemnity without a loss, nor a loss with- 

 out an interest ; a policy, therefore, with- 

 out interest, is not an insurance, but a 

 mere wager. Different persons, having ; 

 each a qualified property in goods, may ; 

 insure them to the full value. A reasona- 

 ble expectation of profit, on a well < 

 founded expectation of a future interest 

 in the thing insured, is an insurable 

 interest. 



Wager policy. This is usually conceiv- i 

 ed in the terms, interest or no interest, 

 or, without further proof of interest 

 than the policy, to preclude all inquiry 



