Mills v. Equitable Life Assurance Society of United States

Submission of controversy on an agreed statement of facts. The insured obtained several loans, or advances, from the company, on the security of his policy of life insurance. Subsequently he defaulted in payment of premium and the policy lapsed. The amount of the indebtedness was deducted from the cash value of the policy as of the date of lapse, and the remainder, being 65 cents, was used to purchase temporary insurance for a period of seven days. The insured died about five months thereafter. The plaintiff claims that the net cash value on the date of lapse was not sixty-five cents, but…