61 N.H. 61 | N.H. | 1881
The statute forbids the issuance of policies of insurance by companies chartered by other states, unless such companies have been authorized and their agents licensed by the insurance commissioner of this state, and a penalty of not exceeding $2,000 is imposed on any company issuing policies without *63 such authority and on its officers, and a penalty of $100 is incurred by any person who shall, without such license, solicit or receive any risk or application for insurance, or receive money or value therefor; but any policy issued on an application thus procured shall bind the company. G. L., c. 174, s. 3. The defendant contends that the plaintiffs having no authority to do business in this state, and Cutting having no license to solicit or receive any risk or application, this action must fail, although there was a binding contract upon the plaintiffs. The policy of insurance was binding on them, and insured the defendant's property; and it is one of the essentials of a valid contract that there should be a consideration. The consideration in this case was the defendant's note; and it must be regarded as valid, or this class of contracts furnishes an exception to the general rule. We see no evidence of a legislative intention to release the insured from his part of the contract.
In Haverhill Ins. Co. v. Prescott,
Exceptions overruled.
ALLEN and SMITH, JJ., did not sit; the others concurred.