If paid for, whether by cash or a note, be sure to get a receipt for the same. OBLIGATIONS A bond is a form of obligation. Every enforcible bond must be in writing and under seal. The maker of a bond by the act acknowledges a liability in the form of a debt or a duty. The maker of a bond is the "obligor." The party to whom it is made is the "obligee." The bond names the liability or indebtedness; then follows the condition wherein it is stated the particular thing that the obligor is to do, or not to do. The penalty for the non-compliance with a bond is twice the amount of the money involved. It is often required that the bond shall be further guaranteed by one or more sureties. These sureties may be required to certify that they are worth a certain sum, free and clear of all indebtedness. Persons holding positions of financial trust, whether public or private, may be, and most of them are, required to furnish bonds for the faithful performance of their duties. In the larger cities there are casualty and liability companies, which, for a fixed or annual consideration, act as sponsors on official and other forms of bond. Where there are no such companies, as those just named, then private citizens of known responsibility must be secured to go on the bond. In every case the amount of the bond or security is measured by the responsibilities of the man from whom it is required. CHAPTER XIX LIFE INSURANCE Life insurance may be defined to be "A contract for the future payment of a certain sum of money to a person specified in the body of the policy, on conditions dependent on the length of some particular person's life." There are two parties to this contract--the insured and the insurer. The purpose of the insurer, if he take out the policy in his own name, is to provide in a measure for the care of his family, or other dependents, in the event of his death. After a long experience with the death rates in all lands that keep mortuary statistics, the actuaries of insurance companies can now estimate with surprising accuracy the probable length of life before any man of any age. The methods of insurance companies mean to be scientific, but be that as it may, they are certainly interesting. HOW IT IS DONE Let us take a young man of thirty, married, with one child, in good health, and in receipt of a fair salary, but with no property to leave his wife and little one in the event of his death. To secure his dear ones, he decides to insure his life for, let us say, $3,000. He fills out the blank, in which his age and all the other required information is given; then the insurance company's doctor examines him and he is accepted as what is called "a good risk." Now, from its actuary tables, the company knows, with reasonable accuracy, the number of years this young man should live, barring accidents.