Union Central Life Insurance v. Merrell

The Union Central Life Insurance Company issued a policy of insurance in the sum of $4000 to Jesse M. Merrell Sr., on January 26,1917. Premiums of $112. 96 were paid annually thereon until January 26, 1933, when default occurred. The insured had obtained a loan for the full amount possible under the terms of the policy. The policy contained the usual clause giving 31 days of grace, and under its terms it became forfeited on February 27, 1933. In the policy it was provided that premiums were payable annually in advance at the home office or to an authorized agent of the company on delivery of…