Schick v. Equitable Life Assurance Society

In 1924 Joseph Schick became the insured under a policy issued by respondent, known as a “Yearly Decreasing Term Policy”. This policy was continuously kept in force by the payment of annual premiums except in 1931, when the policy lapsed, but was later reinstated. With respect to that lapse the evidence shows that in 1931 the insured told respondent that he would be unable to pay the total annual premium in one payment. He was informed by the company if a person were unable to make his yearly payment in one lump sum the same could be paid over a .period of six months by the payment of ten per…