Lawrence v. Penn Mut. Life Ins.

Citations

• 113 La. 87
• 36 So. 808
• 1904 La. LEXIS 621

Syllabus

<p>LIFE INSURANCE — PAYMENT OF PREMIUM — NOTE OF INSURED — RETURN OF POLICY.</p> <p>1. Although the policy provides that it is not to take effect until the first premium shall actually have been paid, the company, in effect, waives that provision if it accepts a note instead of the cash. It (the policy) takes effect from the date of the acceptance of the note by the company. After having thus waived, it cannot forfeit the policy or treat it as null — at least, not without first calling- on the maker and notifjdng the assured. Forfeitures are not favorites with courts.</p> <p>2. A policy cannot be returned to the company without the consent of the assured and of the beneficiary.</p> <p>3. The plaintiff, in writing the judgment, should have given credit to the defendant for the amount of the note.</p> <p>(Syllabus by the Court.)</p>