Mutual Life Insurance v. Clancy

1. Where a policy of life insurance expressly stipulated that the premium should be paid annually on or before a specified day, at the home office of the company, or to an agent producing a receipt of the company, signed by its president or secretary, and that if not so paid the policy should then become void, and that none of the terms of the policy could be changed or waived except by written agreement signed by the president or secretary of the company, a failure to pay the premium as stipulated released the company from all liability upon the policy. See Reese v. Fidelity Asso., ante, 482.