Prudential Insurance Co. of America v. Mason

The plaintiff on September 26, 1931, issued a policy of insurance, in the sum of $5,000, on the life of the defendant. It required the payment of a quarterly premium of $27.15 on the twenty-sixth day of March, June, September and December but also provided a thirty-day period of grace within which the payment of any quarterly premium might be made.

Although the defendant has paid within the time permitted by the terms of the policy every quarterly premium which has become due and the plaintiff has received every such premium, it has brought this bill in equity praying that the policy be…