Nashville Life Ins. v. Mathews

On July 15, 1868, the Nashville Life Insurance Company issued to Alexander Mathews and Martha A., his wife, a policy of insurance, upon the plan of permitting the assured to participate in the profits, on their joint lives for the sum of $2,000, payable to the survivor upon the death of either, in consideration of $51.55 in cash paid quarterly in advance. One of the persons insured was then aged 53 years, and the other 60 years.' The assured paid the premiums for one year in money, after which time they were permitted *501to pay $34.55 of each quarterly premium, and to retain the residue in the…