Equitable Life As. Soc. of the U.S. v. Spencer

Opinion of the Court by

Creal, Commissioner—

In June, 1931, the Equitable Life Assurance Society of the United States issued to Raymond J. Spencer an insurance policy insuring his life in the sum of $5,000. In part the policy provided in substance and effect that if the insured should become totally disabled, due to bodily injury or disease, the insurer would, subject to the conditions set out in the policy, and which it is unnecessary to enumerate or detail pay to the insured $50 per month during the continuation of such disability and would waive payment of all premiums upon the policy…