New York Life Insurance v. Kincaid

On June 30, 1920, New York Life Insurance Company issued two policies of insurance in the sum of $5,000 each on the life of Janies Kincaid of Orlando, Florida, ’ payable to his wife, Nellie T. Kincaid, as bene ficiary. The insured paid all premiums on these policies as they matured until June 30, 1929. In June, 1927, he borrowed $880 on each policy which had not been repaid when his last premium matured. He was, therefore, indebted to the New York Life Insurance Company at that time for a quarterly premium of $66.30 (Payment of premiums having been changed to quarterly basis) and one year’s…