John Hancock Mutual Life Ins. Co. v. Hefner

The complainant issued its policy of insurance November 27th, 1939, on the life of Kalman Hefner whereby it promised to pay $1,500 to defendant on the death of the insured, provided the policy was maintained in force by payment of premiums thereon made in accordance with the terms thereof. The policy lapsed because of non-payment of the initial premium but was reinstated January 13th, 1940, on the insured's application. On August 27th, 1940, a quarterly premium of $18.98 became due and was not then paid, nor was payment made within the grace period allowed by the policy, which grace period…