Joyner v. Jefferson Standard Life Ins. Co., 6319.
Decision Date | 01 December 1931 |
Docket Number | No. 6319.,6319. |
Citation | 53 F.2d 745 |
Parties | JOYNER v. JEFFERSON STANDARD LIFE INS. CO. |
Court | U.S. Court of Appeals — Fifth Circuit |
S. F. Memory, of Blackshear, Ga., Larry E. Pedrick and Leon A. Wilson, both of Waycross, Ga., for appellant.
Grover Middlebrooks, of Atlanta, Ga., for appellee.
Before BRYAN, FOSTER, and WALKER, Circuit Judges.
This is an action on a life insurance policy, which was dismissed on demurrer on the ground that the policy had lapsed for the nonpayment of premium. The policy was issued March 5, 1922. The annual premium was $277, though the insured had the right to pay it in quarterly installments of $73.40; but the payment of any installment did not continue the policy in force beyond the due date of the next installment. The premiums were paid for seven years. The last payment was of a quarterly installment due on March 5, 1929. The insured died on August 26, of that year. The policy contained provisions to the following effect: The insured had the right to borrow on the sole security of the policy at 6 per cent. per annum the cash value available at the end of the then current year, the amount of the loan to be deducted from the cash surrender value. He also had the right within sixty days from the date of nonpayment of any premium after the third to receive the guaranteed value in cash, less any indebtedness, in paid-up insurance, or in extended insurance. At the end of the first year and annually thereafter the policy while in force was entitled to share in dividends apportioned from the surplus which the insured at his option was entitled to receive in cash, but only upon the payment of the next succeeding premium. If the insured did not elect within sixty days from date of default in the payment of any premium to accept one of the guaranteed values, in cash, paid-up insurance, or extended insurance, the company would charge the unpaid premium as a loan against the cash value available at the end of the policy year for which premiums had been fully paid and continue the policy in force the same as if the premiums had been paid, provided the cash value less existing indebtedness with accrued interest was sufficient to pay a full annual premium or an installment. If the cash value available were less than sufficient to pay a quarterly installment, it was to be used to extend the life of the policy for that portion of a year that it might bear to the full annual premium. In the payment of any premium except the first, a grace period of one month was allowed, subject to...
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