Federal Life Insurance Company v. Pearrow

Chicago Life Insurance Company issued a policy of insurance in January, 1906, insuring the life of Putnam S. Box. This policy was issued upon what is.generally called a “twenty-year-payment plan.” Box paid his last premium in January, 1926, and the policy Avas then paid up. Sometime after the issuance of the said policy, the Federal Life Insurance Company took over this particular policy, and perhaps the entire business of the Chicago Life Insurance Company. Sometime during this twenty-year period Box began to borroAv money from the insurance company, borrowing the accumulated loan values,…