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Annual Cyclopedia of Insurance.
AACHEN AND MUNICH FIRE INSURANCE COMPANY of Aix-la-Chapelle, Germany. Joseph A. Kelsey, manager for the United States, with headquarters at New York; Cæsar Bertheau, San Francisco, is manager of the Pacific Coast department.
ABANDONMENT. In marine insurance the relinquishment of an insured ship or cargo to the underwriters when the same is damaged and the claim is for a total loss. There is no abandonment in fire underwriting.
ACCIDENT INSURANCE. The ordinary accident insurance policy grants a fixed compensation to the insured for a limited time in case of disabling accident, and also a definite amount to be paid to a designated person if death results from accident. Such policies are in general strictly limited by their terms to accidents which totally disable or kill the insured. Some companies issue modified forms providing for injury and death, with an additional clause as to partial disabilities of a permanent nature, such as loss of a limb, an eye, a hand, or foot. In order to recover, the injury must arise from “ external, violent, and accidental means," and must be incurred while the insured is not unnecessarily exposing himself to “obvious danger,” and while he is not engaged in an occupation more hazardous than that in which he has elected to be classified and insured; or if more hazardously occupied at the time of the injury, then recovery can be had only to the extent to which the premium paid would have purchased insurance in the more hazardous class. Within these limits there has been found a great deal of ground for differences of opinion, and many of the points which have been settled have only been disposed of after harassing litigation. (See Legal Decisions Affecting Insurance. Accident Insurance.]
ACCIDENT UNDERWRITERS, INTERNATIONAL ASSOCIATION OF. (See International Association.]
ACTUARIAL SOCIETY OF AMERICA was organized April 25, 1889. (For an account of the origin, charter, and early proceedings of this organization see the Cyclopedia of Insurance for 1890-1.) The_first president was Sheppard Homans, the second David Parks Fackler, elected in 1891; the third Howell W. St. John, elected in 1893; the fourth Emory McClintock, elected in 1895, the fifth Bloomfield J. Miller, elected in 1897, the sixth Thomas B.