Blumenthal v. Equitable Life Assurance Society of the United States

The defendant issued a life insurance policy in the sum of $100,000 to Adolph Blumenthal on June 9, 1927. The effective date of said policy was March seventh of that year, and annual gross premiums of $4,848 were payable thereon in advance on the latter date each year. The insured paid such premiums for eight years, up to and including the one due March 7, 1934. At the end of said policy year, namely, March 6, 1935, the reserve (that amount, plus annual accruals, figured on the basis of mortality tables put aside as a contingency fund to protect any necessary payment on the policy upon death,…