North Carolina Bank & Trust Co. v. Pilot Life Insurance

1. Can a soliciting agent of a life insurance company deliver a policy and waive tbe payment of tbe first premium or extend credit for tbe payment thereof when both tbe application and tbe policy provide that tbe contract of insurance shall not become effective until tbe first premium has been paid; and further, that only an executive officer as specified shall have authority to alter or modify tbe contract ?

2. Did tbe company itself waive tbe provisions of tbe application and policy with reference to payment of tbe first premium?

Tbe first question involved has been discussed in Foscue v.…