Cheek v. Pilot Life Insurance

The “Binding receipt” delivered by the defendant’s agent to the plaintiff at the time application for insurance was made and two weekly premiums paid does not constitute a contract of insurance. The terms of the receipt make the consummation of the contract dependent upon the approval of the application by defendant at its home office. Gardner v. Ins. Co., 163 N. C., 367; Insurance Company v. Young’s Administrator, 90 U. S., 85, 23 L. Ed., 152; Hill v. Life and Casualty Insurance Company, 181 S. E., 104. Speaking to the subject in Gardner v. Ins. Co., supra, Walker, J., says: “When properly…