Holloway v. Bankers Life Company

The insurance policy, issued October 16, 1954, provided that the insurer, immediately on receipt of due proof of the death of the insured, while the policy was in full force, would pay to the 'beneficiary $5000. The insured elected to pay the annual premium of $138.05 in quarter-annual payments of $36.25. He had paid the first of these installments, which would have maintained the policy in force to January 16, 1955. His death occurred on December 4, 1954. The policy was not issued on the solicitation of the insured. The moving party in the sale of the policy was an insurance salesman of the…