Where the bonus is to be applied in reduction of the annual premium,
the policy is made renewable upon the payment of the annual premium,
or such reduced premium as may from time to time, according to the
regulations of the company, be determined to be payable in respect of
the assurance by the directors thereof, which determination is, in all
cases, to be taken as conclusive by the said assured or his assigns. (■«)

5. A difference formerly existed between policies expressed to be
granted for a certain period " from the day of the date" and " from the
date," the one being considered to mean exclusive, and the other inclu-
sive of the day,(o) and which gave rise to the words "both inclusive;"
but the distinction, it is said, is now exploded,(p) and that as the ex-
pressions may mean the same thing, and they are of doubtful import,
they must be interpreted according to the intention of the policy, to be
gleaned from the whole instrument ; and as the words are those of the
insurers, they ought, according to the general rule of law, to be taken
most strongly against them.M

6. In examining the conditions adopted by the different offices, it is
necessary to premise that where any particular form is referred to, as
having been adopted by any office, it is so merely to show that it is a
form that has been, and therefore may be again in use ; but it is not to
be assumed that either all the policies issued by the company cited have
been so in the form in question, or that it necessarily continues to use it,
for it will be found that it is by no means uncommon for insurance com-
panies from time to time to alter or amend their conditions.
