Citizens State Bank v. Travelers Indemnity Co.

At the trial it was stipulated that, if the three canceled policies were not subject to a retrospective premium adjustment, the amount of the unearned short-term premiums due thereon at time of cancellation would exceed the amount due on the note which the borrower insured had executed to the plaintiff bank. It is the contention of the plaintiff that the defendant Insurance Company has by contract estopped itself from introducing any evidence establishing that the policies were subject to a retrospective premium audit and adjustment. This the defendant denies. It is the further position of…