Penn Mutual Life Insurance v. Blount

(After stating the foregoing facts.)

Notwithstanding the acknowledgment in the policy of the receipt of the first premium, under the stipulation in the application, that the contract of insurance should not be in force unless or until a policy should be issued and delivered to the assured and the first premium thereon actually paid during his lifetime and good health, the payment of the premium according to the terms-of the agreement was a condition precedent to the liability of the insurer, unless there was a due or unconditional delivery of the policy by the company. Reliance Life Ins. Co.…