Howard v. Continental Life Insurance Co.

Citations

• 48 Cal. 229

Syllabus

<p>Life Insubakce Policy.—A life insurance policy which provides for the payment of an annual premium on the 31st day of October, during the continuance of the policy, or for the payment of the same, with the consent of the company, half yearly, or quarter yearly, or thrice yearly in advance, one third of which may be endorsed as a loan, does not, if the assured elects, with the consent of the company, to make payments thrice yearly, and makes the first, extend him credit for the second and third payments to the end of the year He must make the second and third payments when they fall due.</p> <p>Idem.—A clause in such policy that the company, upon proof of death, shall pay the sum insured, “ any balance of the years’ premium when not all paid at the commencement of the year, or any indebtedness to the company on account of this policy being first deducted therefrom,” does not have the effect of extending such credit.</p> <p>Idem.—The company is authorized to deduct any instalment not due at the death, but is not compelled to pay the sum insured, with the right to deduct an instalment overdue when death occurs.</p>