Investors Syndicate Life Insurance & Annuity Co. v. Slayton

CULLEN, Commissioner.

John Slayton made application for a life insurance policy ($4,500) with an agent of Investors Syndicate Life Insurance and Annuity Company. The agent issued a “Conditional Receipt” which made the insurance immediately effective (subject to certain conditions as to the effect of which there is a dispute) and mailed the application to the home office. This was on June 1, 1963. On June 3 the application arrived at the home office and on the same day Slayton was killed in an airplane crash.Upon investigation the company discovered that Slayton had answered falsely certain…