Palmer v. Mutual Life Insurance
Supreme Court of Minnesota
After the former appeal reported in 114 Minn. 1, 130 N. W. 250, plaintiffs were allowed to amend their complaint as stated on page 391, infra.
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After the former appeal reported in 114 Minn. 1, 130 N. W. 250, plaintiffs were allowed to amend their complaint as stated on page 391, infra. The case was tried before Dickson, J., who made findings, among others, that the actual cash surrender value of the policy on October 30, 1905 (computed according to the American experience tables of mortality and 4 per cent interest, and allowing in addition for compensation to defendant for adverse selection, based on its own experience, the maximum amount which in any case could be properly allowed as a surrender charge on account of the expense…
1Opinion of the CourtHolt, J.
In 1887, the defendant, a life insurance company, insured the life of one T. B. Palmer, then 31 years old, for $5,000; the premiums were all to be paid within 15 years; and the insured was to participate in the annual dividend distribution. The policy contained no agreement as to surrender or loan value. After all the premiums were fully paid and on July 14, 1904, Palmer borrowed of the defendant $1,445 to be repaid September-1, 1905. For security, he pledged with the defendant this policy under a contract containing this provision:
“In the event of default in the payment of said loan on the…
2Cases cited13 opinions
- Lovell v. St. Louis Mutual Life InsuranceSupreme Court of the United States · 1884
- People v. Security Life Insurance & Annuity Co.New York Court of Appeals · 1879
- Manhattan Life Ins. v. WrightCourt of Appeals for the Eighth Circuit · 1903
- Day v. Connecticut General Life InsuranceSupreme Court of Connecticut · 1878
- Ebert v. Mutual Reserve Fund Life Ass'nSupreme Court of Minnesota · 1900
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3Cited by5 opinions
- Owen County State Bank v. GuardIndiana Supreme Court · 1940
- Jones v. Mutual Life Ins. Co.Supreme Court of Alabama · 1927
- Ikenberry v. New York Life InsuranceSupreme Court of Minnesota · 1916
- Dreelan v. KaronSupreme Court of Minnesota · 1934
- Haas v. Mutual Life InsuranceOhio Superior Court, Cincinnati · 1914