Fidelity Mutual Ins. v. Oliver

Citations

• 111 Miss. 133
• 71 So. 302

Syllabus

<p>1. Insurance. Life policies. Contracts. Extended insurance.</p> <p>Where a life policy provided- that if any premium should not be paid when due, the policy should lapse after thirty days, but could be revived if the insured, being in good health should present a reinstatement certificate, which reinstatement was subject to the approval of the president or vice president and medical director of the insurer. In such case the contract is the law of the case and the policy automatically lapsed when the insured failed to pay either the premium or the interest on a policy loan within the time fixed by the agreement of the parties, and was not revived by the application of insured for reinstatement and tender of the amount due, where such application was never approved by the officers authorized to do so under the terms,of the policy.</p> <p>2. Insurance. Life policies. Extended insurance.</p> <p>Where insured, who had paid more than three years premiums on a life policy, procured a loan to the full value of the policy and then defaulted in the payment of the interest premiums and principal, the insurance was not extended under a nonforfeiture clause providing that after three full years premiums should have been paid, the policy should be automatically extended on nonpayment, provided it should be free from debt, since in such case the policy was not free from debt.</p>