Simpson v. Life Ins. Co. Of Va. Supreme Court Of North Carolina
| Decision Date | 11 December 1894 |
| Citation | 115 N.C. 393,20 S.E. 517 |
| Parties | SIMPSON et al. v. LIFE INS. CO. OF VIRGINIA. Supreme Court of North Carolina. |
| Court | North Carolina Supreme Court |
LIFE INS. CO. OF VIRGINIA.
Life Policy —Modification—Provision as to Contest.
Where an insurance company modifies a life policy by an agreement "that all restrictions of travel, occupation, or residence expressed in the original policy" shall be waived, and further agrees that from that time the policy shall he "incontestable, " and that when the policy becomes a claim "the amount of insurance" shall be paid on approval of the proof of loss, the provision in the original policy that in ease of death by suicide the company shall be liable only for the "net value of the policy" no longer remains in force. MacRae, J., dissenting.
Appeal from superior court, Rutherford county; Winston, Judge.
Action by Mary A. Simpson and others against the Life Insurance Company of Virginia on a life insurance policy. Judgment for plaintiffs. Defendant appeals. Affirmed.
Osborne, Maxwell & Keerans, for appellant.
McBrayer & Durham, for appellees.
The defendant agreed "that all restrictions of travel, occupation, or residence expressed In the original policy" should be waived. By this stipulation, the fourth section of the original policy was in effect stricken out, and forms no part of the contract between these parties. It further agreed that the policy should be, from the date of that agreement, "incontestable, " and, as if to emphasize this promise, it added that when the policy became a claim "the amount of insurance" should be paid to the beneficiary immediately upon approval of proof of death. If the policy had lapsed or been discontinued, as by nonpayment of the stated premium, it would not, upon the death of Robert Simpson, have become a claim against the defendant insurer. It was in full force at the time of that death, and has become "a claim, " and the plaintiff demands the "amount of insurance." What is meant by "the amount of insurance"? Certainly the sum for which the life was insured, —the sum which, under the contract, was to be paid to the plaintiff, in case of her husband's death, as indemnity for her loss. Those words cannot, we think, be construed to mean "the net value of the policy, ...
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