People's Mutual Benefit Society v. McKay

The appellee sued the appellant upon a policy of life insurance issued by the appellant upon the life of George Parliament, the appellee’s father, providing an insurance “for a sum not to exceed four-fifths of the amount collected from one assessment on all the members (of this class). * * * If death occurs after three years the amount * * shall not exceed four thousand dollars.”

One of the conditions of said policy was: “That the society shall at no time, nor under any circumstances, make to exceed two assessments per month, and the losses of each alternate two months of each year, beginning…