Proudley v. Fidelity & Guaranty Fire Corp.

Opinion by

Mr. Justice Stern,

Insurance Premium Finance Company, use-plaintiff, is a corporation which lends money to help pay premiums on insurance policies. Ordinarily its business is transacted as follows: An insurance agent obtains from a person who desires insurance a power of attorney which, in consideration of advances to be made for part payment of the premium, authorizes the Finance Company to cancel the policy of insurance at any time, to collect the unearned premium, in the event of a loss to collect the proceeds of the policy, and to apply such collections to the payment of the…