following, which ix from Templeman's " Marine [nsaranee blaine the meaning of the " Policy proof of interest system, mentioned in one of our tel A "Waorn" Policy is one which wars evidence on the face of it either at the assured hax no strictly insurable interest at stake, or else that the underwriter is willing to dispense with any proof of euch interest. Such Proof nf Trterest™ which give the key to the familiar "P, P. 1." policies) or Interest. of no Interest" or other expressive words to like effect, being inserted in the pol All. such surances are void according to statute (19 Geo. LI. C. 37, and 9 Viet. C. 109 section 18). Although valueless in a court of law they nevertheless continue to be executed, and inasmuch as there is no legal obligation on the underwriter to be bound by the policy, and as it would be open to him, if he so willed, to repudiate the contract altogether, such policies probably inspire on the part of underwriters more than ordinary respect, They are regarded as a record of an obligation not of law but of honour between the parties, and are therefore termed Honour policies.
Text read from the printed page and cleaned; old type leaves the occasional error.