Iowa Life Insurance v. Lewis

Citations

• 187 U.S. 335
• 23 S. Ct. 126
• 47 L. Ed. 204
• 1902 U.S. LEXIS 793

Syllabus

<p>1. As the delivery of a policy of insurance and the payment of the premium are reciprocal or concurrent considerations and together -with the method of payment are all essential things, it makes no difference, 'when the first premium is paid by a note, whether the words “ if note be given for the payment of the premium hereon or any part thereof, and same is not paid at maturity, the said policy shall cease and determine ” be printed upon the face or the back of the receipt given for the note or in the policy. As such receipt expressed the conditions upon which the note was received, the memorandum on the back must be considered as embodied in the policy and thé endorsements thereon, as well as in the note and the receipt given therefor.</p> <p>2. When the first premium on a policy of insurance is paid by note and a receipt with such an endorsement thereon is given and accepted therefor, whilst the primary condition of forfeiture for non-payment of the annual premium is waived by the acceptance of the note, a secondary condition' thereupon comes into operation, by which the policy will be void if the note be not paid at maturity and no affirmative action canceling the policy is necessary on the part of the insurance company if the note be not paid when due and presented; and if the policy contains a provision that no person other than the president or secretary can waive any of the conditions, a local agent has no power to extend the time of payment .of the note after the same has become part due. ,</p> <p>3. .A life insurance company may by its conduct waive proof of death and estop itself from setting up the provisions of the policy requiring said proof.</p> <p>4. This court will adopt the construction of the state courts of a state statute as to the necessity of a demand being made before commencement of an action.</p>