Mutual Reserve Fund Life Ass'n v. Stephens

This was an action upon a policy of life-insurance. Among other stipulations embraced therein were the follow*193ing: “ This contract shall not take effect until this policy is delivered to the member in person, during his lifetime and while in good health, nor until the first payment is paid in cash hereon, while said member is also in good health. No contract, alteration, or discharge of contracts, waivers or forfeitures, nor granting of permits or credits shall be valid, unless the same shall be in writing, signed by the president or vice-president, and one other officer of the association.”…