§ 27-5-12 - Declination of premium notes by mutual companies – Provision as to liability.
SECTION 27-5-12
§ 27-5-12 Declination of premium notes bymutual companies – Provision as to liability. – Every mutual fire insurance company organized under the laws of this state maydecline to take premium notes in partial payment for insurance; provided, thereis inserted in the body of the policy issued a provision making the assured,his or her or their executors, administrators, or assigns, liable for anyassessments provided in the policy, and as shall become necessary in order topay all losses and expenses not exceeding twenty (20) times the amount of thecash premium paid.