Kentucky & Louisville Mutual Insurance v. Commonwealth

Opinion op the Court by

Chief Justice Hobson—

Reversing.

The Kentucky and Louisville Mutual Insurance Company is a domestic fire insurance company chartered by a special act in 1839. Its manner of doing business is this: The company issues to each of its members a policy, insuring his property and takes from the member a note, the amount of which is double the usual insurance premium charged by regular companies. The member pays 10 per cent of his note when the policy is delivered, and as assessments are made during* the continuance of his policy he pays his assessments. At the end of the term…