Continental Assurance Co. v. Supreme Construction Corp.

GODBOLD, Circuit Judge:

This is a suit over whether a $75,000 life insurance policy issued by Continental Assurance Company on the life of Marion O. Barker had lapsed after expiration of the grace period following failure to pay the premium due December 5, 1961.

The District Court, sitting without a jury, found the policy was in full force and effect at Barker’s death in December, 1963, that Continental had made a loan on the policy but had done so wrongfully, and that without giving effect to the loan the cash value of the policy was sufficient to maintain it in force under the automatic…