VALUED-POLICY LAWS. Partly on account of the injustice involved in collecting premimus on a larger amount of insurance than the company is ready to pay even for a total loss, and partly because of the tendency to laxness in appraising property for insurance under this system, sev eral States have passed so-called 'valued-policy' laws. These laws do not apply to movable prop erty, for reasons easily discerned. In the case of fixed or immovable property, valued-policy laws provide that. in the absence of fraud on the part of the insured, the company must pay the full amount of the face of the policy in case of total loss. In some States, however, allowance may he made for depreciation in the value of the property between the time of insurance and the time of loss; while in others allowance is made for any change in the property during that time of such a char acter as to increase the risk. Wisconsin was the first State to pass a valued-policy law. which it did in 1874. Nineteen other States and Terri toris have since passed similar laws. Several
other legislatures have also passed them, only to have them vetoed by the governors. Of the eight hills passed during the years 1899-1901, no less than five were vetoed. Insurance companies have opposed the passage of such laws. and re sisted them when passed, so far as possible. In the case of the Missouri law, they went to the [lifted States Supreme Court on the question of its constitutionality. The court declared it con stitutional. In the absence of legislation, when the same property is insured in several com panies, the insured can recover only the actual value of the property destroyed]. The various companies pay such a part of the indemnity as the insurance they are carrying constitutes dif the total amount of insurance on the property. In most States having valued-policy laws, him ever, the amount of insurance stated in the face of each policy must he paid in the ease of total loss of immovable property.