New York Life Insurance v. Statham
Supreme Court of the United States
The first of these cases is here on appeal from,. and the second and third on writs of error to, the Circuit Court of the United States for the Southern District of Mississippi.
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The first of these cases is here on appeal from,. and the second and third on writs of error to, the Circuit Court of the United States for the Southern District of Mississippi. The first case is a bill in equity, filed to recover the amount of a policy of life assurance, granted by the defendant (now appellant) in 1851, on the life of Dr. A. D. Statham, 'of Mississippi, from the proceeds of certain funds belonging to the defendant attached in the hands of its agent at Jackson, in that State. It appears from the statements of the bill that the annual premiums accruing on the policy were all…
1Opinion of the CourtJustice Bradley
We agree with the court below, that the contract is not an assurance for a single year, with a privilege of renewal from year to year by paying the annual premium, but that it is an entire contract of assurance for life, subject to discontinuance and forfeiture for non-payment of any of the stipulated premiums. Such is the form of the contract, and such is its character. It has been contended that the payment of each premium is the consideration for insurance during the next following year, — as in fire policies. But the position is untenable. It often happens that the assured pays the entire…
2Cited by214 opinions
- Burnet v. WellsSupreme Court of the United States · 1933
- Bergholm v. Peoria Life Ins. Co.Supreme Court of the United States · 1932
- Insurance Co. v. NortonSupreme Court of the United States · 1878
- Insurance Co. v. EgglestonSupreme Court of the United States · 1878
- McMaster v. New York Life InsuranceSupreme Court of the United States · 1901
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