Southland Life Ins. Co. v. Gatewood

HICKMAN, Commissioner.

Southland Life Insurance Company, plaintiff in error, assumed a policy of life insurance issued to Joe Wilkens Gatewood, defendant in error, by the American Reinsurance Company. Attached to the policy was a rider providing, in substance, that the company would pay for the insured the premium required on the policy for every policy year following the date of approval by the company of proof that the *589insured had become totally and permanently disabled. The policy contained an automatic premium loan clause stipulating, in substance, that, upon the failure of the insured to…