Our Home Life Insurance v. Peacock

Citations

• 71 Fla. 35
• 70 So. 775

Syllabus

<p>1. The giving of a note is prima facie not a payment, but merely an extension of time for the payment till the note matures.</p> <p>2. Where a policy of life insurance is issued and a note is given for the first premium which note is not paid at maturity, but the insured after the note was due and unpaid refused to pay it, and unconditionally stated that he did not intend to pay the note or in anywise comply with the contract of insurance and stated that he will not take the policy or pay the note or be bound by the same, and it is then agreed between the insurance company and the maker of the note that the contract of insurance together with the note shall stand discharged, and the maker of the note dies without making any payment, the beneficiary, being the wife of the maker of the note, cannot recover on the policy in view of its conditions.</p>