Penn Mut. Life Ins. Co. v. Bancroft

[1] This is a suit upon a life insurance policy upon which the insured had obtained a loan of $350, and pledged the policy as security therefor. The pledge of the policy was in the form of a loan agreement, called the “certificate of indebtedness,” signed by the insured and also the beneficiary. 'This agreement effected an assignment and transfer of the insurance policy to the company, to which the policy was delivered. This loan was made something like 2% years before the policy was paid up, but the subsequent premiums were promptly paid and the policy became paid up in November, 1915. No…