Mid-Continent Life Ins. Co. v. Hubbard

On January 13, 1927, appellant life insurance company issued its policy upon the life of Claude Dowel Hubbard, who paid the first annual premium thereon at the time. The second annual premium was due and payable on January 13, 1928, subject to the usual 31 days’ grace, at the expiration of which, under the terms of the contract, said premium became due, absolutely, and it was provided that in,case. of default in such payment on or before the expiration of said grace period the policy should lapse. During said period, however, on February 6, 1928, in consideration of a small cash deposit, and…