contracts. The person who procures an insurance on his property. 2. It is the duty of the insured to pay the premium, and to represent fully and fairly all the circumstances relating to the subject-matter of the insurance, which may influence the determination of the underwriters in undertaking the risk, or estimating the premium. A concealment of such facts amounts to a fraud, which avoids the contract. The person who obtains insurance on his property, or upon whose life an insurance is effected.