New York Life Ins. Co. v. McLaughlin

In 1925 the plaintiff insurance company issued to the defendant Michael H. McLaughlin two life insurance policies. These carried double indemnity and disability benefits and called for extra stated premiums to cover the extra risks. Premiums were due each second day of September, with a grace period of one month allowed for payment. If premiums were not so paid the policies would lapse except as to certain benefits, such as cash surrender values, paid up insurance, or continued insurance. The policies provided for reinstatement within five years after any default upon written application by…