Guardian Life Insurance Company of America v. Waters

We determine whether there was substantial evidence to sustain the trial court’s finding that appellee should recover on a $2,000 policy of insurance executed December 30, 1911, on the life of appellee’s husband, who died November 6, 1939.

From 1926, when an initial loan of $500 was made, miscellaneous borrowings by the assured, plus interest and premiums (less dividends and $19.88 paid by the assured) left the assured’s net obligation $1,086.83. There is a stipulation to that effect. The loan agreement of June 1, 1933, for $1,014.15 at five percent interest, is an exhibit. In case of default,…