State Life Insurance v. Bolton

Calkins, C.

The plaintiff on the 31st day of March, 1904, issued to defendant a policy upon what was denominated in the application for the same the “20 payment life commuted premium dated back deferred divided plan.” The policy provided for 20 annual payments of $498.01 each from its date of March 31, 1897. To enable the defendant to pay the commuted premium which was demanded for dating back the policy, the company was to loan the assured $2,140 upon the maturity of the policy, upon which loan he was to pay interest at the rate of 5 per cent, per annum in advance. In this transaction no…