Vaughn v. American Heritage Life Insurance Co.

ABRIDGED OPINION

TODD, Judge.

With the concurrence of participating judges, the original opinion has been abridged for publication.

*167This is a suit to recover the $6,000.00 value of a credit life insurance policy plus statutory penalty. The Chancellor awarded judgment for $6,000.00 but denied penalty. Both parties appealed.

The material facts are uncontroverted.

On February 10, 1976, at 3:30 p. m., William Vaughn applied to Commerce Union Bank for a loan for 91 days to be due on May 11, 1976. Simultaneously, Vaughn made application to the defendant for a $6,000.00 credit life insurance policy upon…