Bowman v. Agricultural Insurance
New York Court of Appeals
Appeal from a judgment of the General Term of the Supreme Court, in the third judicial department, affirming a judgment in favor of plaintiff, entered upon a verdict.
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Appeal from a judgment of the General Term of the Supreme Court, in the third judicial department, affirming a judgment in favor of plaintiff, entered upon a verdict. (Eeported below, 2 N. Y. S. C. [T. & C.j, 614.) This was an action upon two policies of insurance issued by defendant, one dated May 20th, 1871, the other September 30th, 1871. Both policies contained these clauses: “ The premium is due and payable upon the delivery of the policy;; but where credit is given to the extent of four months, this policy will be valid and in force during that time; but unless the note or account for…
1Opinion of the CourtFolger, J.
The first question is, whether the second policy issued by the defendant was a valid contract in the hands of the plaintiff. He did not pay the premium for it. It does not appear that the defendant ever received the premium, until it was allowed by the jury, in deduction from the amount of the verdict for the plaintiff. Undoubtedly, by operation of law, it was due and payable at. once. Undoubtedly, also, the defendant could waive its right to immediate payment, and give the plaintiff credit. A delivery of the policy without exacting payment is, for the time, a waiver of the right to have…
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