Knott v. Lincoln National Life Insurance

The plaintiff-executors seek to recover the face amount of a policy of insurance upon the life of their decedent. The beneficiary named was the insured’s estate. The insurer was the National American Life Insurance Company, Burlington, Iowa. The liability of defendant, The Lincoln National Life Insurance Company, is predicated upon an agreement in which it assumed the policy. The whole controversy revolves about a specification in the policy to the effect that, in event of a default on account of nonpayment of an annual premium after the policy shall have been in force 14 years, the contract…