Provident Savings L. Assur. Co. v. Statler

Citations

• 24 Ohio C.C. Dec. 391

Syllabus

<p>FRAUD — INSURANCE—LIMITATIONS.</p> <p>1. Insured under Life Policy Induced by Fraud may Recover Full Amount of Premiums and Interest.</p> <p>It is the settled law of this state that the holder of a policy of life insurance induced by fraud and misrepresentation may, by an action brought in due time, recover from the insurance company the amount of premiums paid with interest thereon and without deduction for intervening insurance which he has had and enjoyed.</p> <p>?. Limitation of Agent’s Authority Endorsed on Policy, Receipts, not Defense in Suit for Recovery of Premiums.</p> <p>A limitation of the authority of agents, endorsed on the policy and on notices and receipts sent to the policy holder, are not available to the company as a defense, where the policy holder opened negotiations with the company direct and ’dealt with one who was termed “manager.”</p> <p>3. Representations to Prospective Insured Regarding Profits Accruing to Insurer Question for Jury.</p> <p>Representations made to a prospective policy holder as to profits accruing to the company, based upon past experience of the company, may have been intended as more than mere opinion and have constituted a representation as to the present condition of the company and its earning capacity upon which the assured had a right to-rely, and the question of fact as to the meaning of such representations and the intention with which they were made, unlike the construction of a contract, may properly be submitted to the jury under proper instructions.</p> <p>4. Wide Departure between Calculations as to Profits when Insured and Realizations Later Evidence of Fraud — not Controlled by Limitations.</p> <p>A wide departure between the calculations made as to profits at the time the policy was taken out and the realization eight years later, constitutes evidence which may be considered by the jury upon the question of the falsity of the representations; and in an action for the recovery back of premiums paid no ba