Dilleber v. Knickerbocker Life Insurance

Citations

• 7 Daly 540

Syllabus

<p>Where the insured, being about to give up a policy of insurance upon his own life, was told by the defendant’s president that if he would keep it alive and could not make payment when due that the company would give him whatever accommodation was necessary, and the insured thereupon abandoned his intention of giving up his policy, and for seven years thereafter the defendant received the premiums after they were due,</p> <p>Held, 1. That although the policy provided that it should continue in force only so long as the annual preminies were paid when due, yet this was a condition that might be waived by parol.</p> <p>2. That the authority of the president to waive such condition would be inferred in the absence of any evidence to the contrary.</p> <p>3. That the receipt by the company for-seven years of the premiums after the day on which they were due, and when the company might have enforced a forfeiture, was an approval and ratification of the act of the president in waiving such condition.</p>