Krenov v. West Coast Life Insurance

This action involves a dispute between an insured and his insurer regarding the latter’s obligation to pay the proceeds of a policy in silver. The significant facts, as found by the trial court, are as follows:

On March 24, 1933, the respondent, then a resident of Shanghai, China, purchased from the appellant through its office located in the International Settlement of Shanghai, a twenty-year endowment policy of life insurance, which bore on its face a stamped and typed endorsement reading:

“The premiums and the benefits payable hereunder shall be paid in Shanghai (China) local currency of the…