Mutual Life Ins. v. Cameron

Citations

• 100 Miss. 604
• 56 So. 782

Syllabus

<p>1. Insurance. Distribution policies. Endowment policies. Reserve. Rights of policy-holders.</p> <p>Section 2 of the laws of the state of New York 1879, chapter 347, • has no application to any but “endowment” policies and does not apply to twenty-year distribution policies.</p> <p>2. Insurance. Distribution policies. Rights of policy-holders.</p> <p>The surrender clause of a twenty-year distribution policy in the Mutual Life Insurance Company of New York, provided, that the policy must be surrendered at the end of twenty years or at any subsequent quinquennial period, and the reserve might be withdrawn and that no cash value would be paid for surrender at any other time. It was provided in another clause that only policies in force at the end of the twenty-year term should share in the surplus and that no distribution should be made at any previous time. The policy further stated that if the policy should become void for non-payment of' premiums all payments previously made should be forfeited to the company. The policy lapsed for the non-payment of the sixth annual premium and no application was made for a paid up policy ■ within the six months required by the policy. Held, in a suit by the insured after the end of the twenty-year period, that he was not entitled to maintain a suit for a distributive share of the surplus or reserve.</p>