A form of insurance by which the person taking out the policy may recover from the company in case of accident to himself, the form of payment by the company being either so much per week - according to the imount of the policy - during the time of disability resulting from the accident; or a given sum in event of death as the result of an accident; or lesser stated sums if the loss of a limb or loss of sight, or a lesser permanent injury is sustained. Any one of the latter payments would be in addition to the weekly payments on account of inability. These last, however, are generally limited to a duration of a fixed number of weeks.
Many people who are traveling a great deal or who are engaged in a more or less hazardous form of occupation, carry such policies continually; others take them out for special occasions, as before a railroad trip or an ocean voyage, to cover the period of the journey. The cost is not excessive and this form of insurance has come into very general and satisfactory use. A person taking out such a policy should, however, read it with great care, and follow accurately the instructions given therein in case of accident, and also post himself upon the conditions under which the company becomes liable, as there are numerous " ifs " to these policies.
This is a very old form of insurance, having been known for several centuries, but the Travelers Insurance Company of Hartford was the first to bring it into successful use in America, in 1863. At this present time many companies are writing this sort of risk, the amount outstanding running into the billions of dollars.
1 Francis M. Burdick