Reserve Loan Life Insurance v. Phillips

(After stating the foregoing facts.)

The decision in this case depends upon the question whether, there was such a delivery of -a-policy of insurance, ..during the-lifetime of 'the applicant for the policy, as transformed .the applicant into an insured: The law notes such a wide difference between-, these two relations that the distinction between an applicant -for a policy and the holder of a policy is ofttimes all important.. - -

Leo B. Phillips applied to the insurance company for a policy' of $2000 on his life. In his-application he stipulated "that this, policy is not to take effect unless…