Universal Life Insurance v. Whitehead
Mississippi Supreme Court
Appeal from the Chancery Court of Hinds County. Hon. E. Gr. Peyton, Chancellor. On the 2d of September, 1873, P. F. Whitehead took out a policy of insurance on his life in the Universal Life Insurance Company for the sum of $3,000, the premiums to be paid quarter-annually, on the 2d of September, December, March,* and June of each year. The premiums were all paid up to and including that of June 2, 1877, making four full annual premiums.
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Appeal from the Chancery Court of Hinds County. Hon. E. Gr. Peyton, Chancellor. On the 2d of September, 1873, P. F. Whitehead took out a policy of insurance on his life in the Universal Life Insurance Company for the sum of $3,000, the premiums to be paid quarter-annually, on the 2d of September, December, March,* and June of each year. The premiums were all paid up to and including that of June 2, 1877, making four full annual premiums. Soon thereafter, the attorney-general of the State of New York filed an information in the Supreme Court of that State representing that the superintendent…
1Opinion of the CourtCampbell, J.
The assured had an option to pay the stipulated premiums and thereby continue the policy in force, or to make default in payment and abandon the policy, or to obtain a paid-up term-policy as provided for ; but in order to entitle himself to a paid-up term-policy he was required, within sixty days after default in payment of the premium, to deliver the original policy, duly receipted, to the company. This was a condition precedent, upon • the performance of which a right was to accrue to the assured to have a new policy on his life for a' prescribed time. '
The fact that the company was…
2Cited by4 opinions
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- Wells v. Vermont Life InsuranceIndiana Court of Appeals · 1902
- Hartzog v. Western Union Telegraph Co.Mississippi Supreme Court · 1904
- Hatcher v. Equitable Life Assurance SocietySupreme Court of Georgia · 1910