Philadelphia Life Ins. Co. v. Daugherty

On March 5, 1921, plaintiff in error issued to Frank C. Daugherty its limited payment life insurance policy in the principal amount of $5,000, providing for payment of premiums for a period of twenty years or until prior death in the amount of $251.25 annually. The last premium payment on the policy was March 5,1935. The insured died September 28, 1936. This suit was brought to recover certain benefits claimed to be due by reason of permanent and total disability and also to recover the net proceeds of the policy after deducting loans against same. Excuse for failure to pay premium otherwise…