Pacific Mut. Life Ins. Co. v. Arnold

Opinion of the Court by

Stanley, Commissioner—

Affirming.

On March 18, 1921, the appellant issued to the appellee, James E. Arnold, its “Non-cancelable Income Policy” by which it insured him against disability resulting from accidental injury or sickness; “such disability in both cases to he such as will result in continuous loss of business time.” The indemnity was at the rate of $500 a month during the continuance of the disability “until such time as the insured engages in a gainful occupation,” except during the first three months of disability.

The insured was then president and general…