Griffith v. N.Y. Life Ins. Co.

Citations

• 101 Cal. 627
• 36 P. 113
• 1894 Cal. LEXIS 1090

Syllabus

<p>Life Insurance—Designation of Beneficiary.—Where an ordinary policy of life insurance designates a person to whom the insurance money is to he paid, the person who procures the insurance and who continues to pay the premiums has no authority by will or deed to change the designation of title to the moneys, without the consent of all the beneficiaries named in the policy.</p> <p>Id.—Nonpayment of Premium—Waiver—Unconditional Delivery.— An express provision in a policy of insurance that the company shall not be liable thereon unless the premium is actually paid is waived by the unconditional delivery of the policy to the assured, as a completed and executed contract, under an express or implied agreement that a credit shall be given for a premium, and in such a case the company insuring is liable for a loss which may occur during the period of credit; but this rule does not apply where a policy is undelivered.</p> <p>Id.—Cancellation of Undelivered Policy.—Where the solicitor of an insurance company was willing to procure two policies for a person whose life was to be insured, and to take his notes for the premium for the first year, but in fact delivered only one of them, and with the consent of the insured declined to deliver the other policy, and returned it with a surrendered note for the premium to the company which canceled the policy, the beneficiaries named in the undelivered policy had no vested right thereto.</p> <p>Id.—Obligation of Insured Person—Uncompleted Contract.—An insured person is under no obligation to consummate a contract of insurance so as to procure a policy for a beneficiary named) and as long as it remains executory the person procuring the insurance and the insurance company may, by mutual consent, decline to complete it without consulting the beneficiaries, who would only become such upon the completion of the contract.</p> <p>Id.—Surrender of Delivered Policy.—Where a valid policy is regularly delivered, in pursuance of a consummated c