67A.30 APPLICATIONS AND FEES.
Subdivision 1. Acceptance.
The president and the secretary of the company may accept all
applications and sign and issue policies agreeing, in the name of the company, to pay all losses
and damages, not exceeding the sums named in the policies, sustained to property authorized to
be insured in section
for the term therein specified, and every application for insurance
made to any authorized officer or agent, until refused by the proper officer, shall be of the same
force and effect as a regularly issued policy and contract of insurance and, from the time of its
receipt by an officer or agent, the property specified in the application shall be deemed insured
in the same manner and to the same extent as if covered by a regular policy issued according
to law and the regulations of the company.
Subd. 2.[Repealed, 1975 c 15 s 22
Subd. 3. Cash premium and agreement to assessment.
Before the delivery of any
policy the company shall collect the regular cash premium and policy fee and take the written
agreement of the insured, of even date therewith, which shall be embodied in the application,
to pay a pro rata share of losses or damages sustained by any member. The same shall be kept
on file with the secretary.
History: 1967 c 395 art 8 s 30; 1986 c 444