Shumaker v. Security Life & Annuity Co.

Citations

• 153 F. 332
• 1907 U.S. App. LEXIS 5096

Syllabus

<p>Insurance — Construction of Life Policy — Nonforfeiture Provision.</p> <p>A policy of life insurance provided that on request of the insured the company would advance to him 30 per cent of each premium, which should be a lien on the policy, also that, in case any premium was not paid when due, the same should be charged against the policy as a loan and the policy continued in force, if its loan value should be sufficient as shown by a table of values given therein, but that “these values shall be claimable only in case the full premiums have been paid in cash and there are no loans on the policy.” Held that, where the insured obtained the 30 per cent advance on the payment of each premium, on his subsequent default lie was not entitled to the benefit of the automatic nonforfeiture pro- - vision.</p>