Illinois Bankers Life Assurance Co. v. Petray

Appellee and .his wife, Pearley L. Pe-tray, each carried a policy of life insurance in appellant company from February 9, 1917. Her policy was in the sum of $1,000, and he was named beneficiary therein, with power reserved therein to change the beneficiary in the manner set out in the policy. The premium- on each policy was payable quarterly, the total quarterly premium on both policies amounted to $10.54 of which the quarterly premium on her policy was $3.34. A quarterly premium became due on April 1, 1930, on both policies and each provided for a grace period of thirty days in which to pay…