Jefferson v. New York Life Insurance

Opinion of the Court, by

Judge Lassing

Affirming.

On. December 19, 1902, the New York Life. Insurance Company, issued a policy of insurance for $2,500 on the *610life of Thomas C. Jefferson, payable to his wife and children. It was an ordinary life, fifteen year accumulation or deferred dividend, policy. The .annual premium was $132.28. The premiums for the years 1902, 1903, 1904, 1905 and 1906 were paid. On March 19, 1907, the insured borrowed from the .company $312.00, executing his note therefor due December 19, 1907. The interest on this loan was paid in advance. The premium, falling due…