Penn Mutual Life Insurance v. Marshall

On December 12, 1913, the Penn Mutual Life Insurance Company of Philadelphia- issued its policy of twenty-year-payment insurance on the life of Thomas F. Marshall in the sum of $5000. The insured borrowed money on the policy from time to time to pay the premiums on the insurance. The policy provided that “If three full years’ premiums have been paid, the company at any time while the policy is in force will advance, on proper assignment of the policy and on the sole security thereof at *2885 per cent, per annum, a sum, at the option of the insured or owner of the policy, equal to or less than the…