§ 58-1-10. Contract of insurance.
§ 58‑1‑10. Contract of insurance.
A contract of insurance is anagreement by which the insurer is bound to pay money or its equivalent or to dosome act of value to the insured upon, and as an indemnity or reimbursement forthe destruction, loss, or injury of something in which the other party has aninterest. (1899, c. 54, s. 2; Rev., s. 4679; C.S., s. 6262;1945, c. 383.)