Provident Savings Life Assurance Society v. Shearer

Opinion op the Court bt

Judge Carroll

Reversing.

In March, 1896, the appellee, Shearer, procured from the appellant company a ten year term policy for $5,000, in which the company obligated itself to pay the amount of the insurance only in the event the insured died before the expiration of the ten years. In October, 1905, a few months before this policy expired, the appellant company proposed to issue to Shearer a new form of insurance for $5,000 under the twenty payment life plan, the policy to be dated back to March, 1896, in order that Shearer might have the benefit of the premium rate based…