North Carolina Mut. Life Ins. Co. v. Terrell

GARDNER, Justice.

The suit is upon a life insurance policy, dated November 14, 1925, payable to plaintiff as the named beneficiary.

The cause was tried on an agreed statement of facts, the salient features of which appear in the report of the case.

The policy had been in force for more than six years when the insured died, on January 3, 1932, but there was default on the premium due November 14,1931. Under the “non-forfeiture provisions” of the policy insured had the right (three full annual premiums having been paid) within three months after default in payment of any premium to exercise…