Universal Life Insurance v. Whitehead

Citations

• 58 Miss. 226

Syllabus

<p>Insttbance. Paid-up policy. Condition precedent.</p> <p>Where a policy of life insurance provides that, upon default in the payment of any premium after three annual payments have been made, the policy-holder may exchange it for a paid-up term-policy, upon condition of delivering the original policy, duly receipted, to the insurance company within sixty days after the default in payment, such condition is a condition precedent to the right of the assured to demand the paid-up term-policy. And the fact that the insurance company is enjoined, during the sixty days after such default in payment, from issuing any policies is no excuse for the failure of the assured to deliver up the original policy, receipted, within that time.</p>