Commonwealth Life Insurance v. Stanley

Opinion of the Court by

Stanley, Commissioner—

Affirming.

A policy for $1,000 on the life of W. B. Stanley, issued by the appellant, became paid up on February 6, 1931. It is specified in the policy that the cash surrender and loan value at that time would be $370. On February 21, 1931, the insured borrowed that sum and executed a note payable August 6, 1931, with interest from maturity, and an assignment of the policy as collateral security. Payment of interest in advance on loans made on the policy was stipulated therein. Some time about August 6th the insured was notified that his interest…