Tyson v. Equitable Life Assurance Society

An insurance policy, payable as a death claim to the insured’s executors, administrators, or assigns, provided for loans by the insurer in amounts stated in a table, upon the due assignment of the policy to the insurer qs collateral for such loans. It contained a clause that the “policy shall lapse and, together with all premiums paid thereon, shall forfeit to the [insurer] on the non-payment of any premium when' due, except that, provided premiums shall have been paid for the periods respectively mentioned in the following table, there will be granted, without action on the part of the…