United Security, Life Insurance & Trust Co. v. Ritchey
Supreme Court of Pennsylvania
Appeal No. 586, Jan. T., 1896, by defendant, from judgment of C. P. Blair Co., Oct. T., 1896, No. 14, from order making absolute a rule for judgment for want of a sufficient affidavit of defense. Rule for judgment for want of a sufficient affidavit of defense. Before Bell, P. J. The facts appear by tbe opinion of the Supreme Court. Error assigned was the order of the court.
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Appeal No. 586, Jan. T., 1896, by defendant, from judgment of C. P. Blair Co., Oct. T., 1896, No. 14, from order making absolute a rule for judgment for want of a sufficient affidavit of defense. Rule for judgment for want of a sufficient affidavit of defense. Before Bell, P. J. The facts appear by tbe opinion of the Supreme Court. Error assigned was the order of the court. A scire facias cannot issue for the recovery of each instalment, as it matures : Fickes v. Ersick, 2 Rawle, 166. No default in the payment of any of the sums or instalments is averred, and no provision in the mortgage, or…
1Opinion of the Court
Opinion by
Mr. Justice Dean,
The plaintiff’s scheme of life insurance, is comparatively a new one. It pays to the insured at once the amount of his insurance. In consideration, the insured contracts to pay to the company for a fixed period, an agreed monthly premium, to be secured by mortgage; the death of the insured, ipso facto, -extinguishes the mortgage, but on failure to pay, the company has the option of collecting the premiums as they fall due, or of ■demanding repayment of the amount of the insurance advanced. In substance, the contract is nothing more than the usual endowment policy,…
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