One of the very latest branches of contract law to come into prominence is that of insurance. "Insurance is a conditional contract, whereby one party undertakes to indemnify another against loss, damage or liability arising from some specified but contingent event. The purpose of the contract of insurance is to distribute among all exposed to a common peril loss, that by reason of misfortune, falls upon some of them." 11

Insurance is the twenty-eighth subject in this work, and will be found in Volume IX.

u Vance on Insurance. Page 1.