Illinois Bankers' Life Assurance Co. v. Lane

Ezra C. Lane, now deceased, husband and father of the appellees, on March 1,1917, took out an insurance certificate or policy with appellant, Illinois Bankers’ Life Association, a mutual assessment company, for $1,000. The other appellant, in 1929, reinsured the business of the association, and, if liability exists on this policy, is indebted to appellees in said sum. Premiums were payable quarterly in advance with thirty days of grace. All premiums were paid prior to that which became due October 1, 1932, but it was not paid within the grace period or at all, and, by the terms of the policy,…