Anderson v. St. Louis Mut. Life Ins.
United States Circuit Court
In equity. Bill charged that on the 15th day of October, 1867, the defendant issued to William 0. Anderson a policy of assurance for $10,000, the premiums being $490 per annum for life. It provided that, if two of said premiums shall be paid and default be made in payment of after premiums, the default shaE not operate as a forfeiture, but the amount insured shaE be commuted to the sum of the annual premiums paid.
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In equity. Bill charged that on the 15th day of October, 1867, the defendant issued to William 0. Anderson a policy of assurance for $10,000, the premiums being $490 per annum for life. It provided that, if two of said premiums shall be paid and default be made in payment of after premiums, the default shaE not operate as a forfeiture, but the amount insured shaE be commuted to the sum of the annual premiums paid. But if the insured failed to pay as above, or to pay annuaEy in advance the interest on any unpaid notes or loans, then the company was not to be liable for any sum, but the policy…
1Opinion of the Court
BBOWN, District Judge.
There are three questions in this case, which, though not raised separately upon the face of the demurrer, are necessary to be determined in order that it' may be properly disposed of. 1st — Under the poEcy in question, does the faEure to pay the interest in advance upon the premium notes debar the plaintiff of a recovery, and work a forfeiture of the premiums already paid? 2d — Was the defendant bound to apply the dividends due the assured upon the interest upon the premium notes, instead of applying them upon the principal, and thus save the policy from lapsing? 3d —…
2Cases cited8 opinions
- New York Life Insurance v. StathamSupreme Court of the United States · 1876
- Baker v. . the Union Mutual Life Ins. Co.New York Court of Appeals · 1871
- Pitt v. Berkshire Life InsuranceMassachusetts Supreme Judicial Court · 1868
- Wall v. . the Home Insurance Co.New York Court of Appeals · 1867
- Russum v. St. Louis Mutual Life InsuranceMissouri Court of Appeals · 1876
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