Iversen v. Minnesota Mut. Life Insurance

Citations

• 137 F. 268
• 1902 U.S. App. LEXIS 5371

Syllabus

<p>1. Insubance—Associations—Change of Plan—Dissatisfied Policy Holdebs—Remedies—Election.</p> <p>Where, on an insurance association’s change of plan, a dissatisfied policy holder elected, in writing, to cancel his certificate and demand a return of the money he had paid, he was bound to pursue that remedy, and was not thereafter entitled to file a bill to compel the society to continue operations under its original plan.</p> <p>2. Same—Charter—Amendment.</p> <p>Where the charter of an insurance association specifically reserved to the officers the power of amendment in all save one particular, not affecting the association’s plan of operations, the association had power to so amend such charter as to change from the assessment to the old-line plan, also expressly authorized by statute, over the protest of a minority of policy holders.</p> <p>3. Same—Obligation Contract.</p> <p>A change from the assessment to the old-line plan of insurance by an insurance association did not constitute an impairment of the obligation of the contracts of members previously insured under the assessment plan, where no attempt ,was made by the association to repudiate contracts of such members, and the assessments levied thereon were not unreasonable.</p> <p>[Ed. Note.—Mutual benefit insurance contracts, as affected by subsequent provisions and amendments of charter, constitution, or by-laws, see note to Supreme Council A. R. H. v. Champe, 63 C. C. A. 285.]</p>