Long v. Pilot Life Insurance Company

The primary question in this controversy is simply this: Where the insured died on the premium due date and the premium had not been paid, is the insurance company entitled to deduct the amount of that premium from the face amount of the insurance in making settlement with the beneficiary?

The fact that a policy of insurance is not effective until the first premium is paid, and a policy may have been issued but not delivered until sometime thereafter, the payment of the first annual premium does not keep the insurance in effect for one year from the date of the payment thereof, but for one…