13 Ga. App. 486 | Ga. Ct. App. | 1913
This was an action on a life-insurance policy dated August 6, 1910, providing for the payment of an annual premium of $47.73. The first annual premium was paid. On August 6, 1911, the premiums were made payable quarterly, and the insured paid a quarterly premium of $12.65, less a dividend of 74 cents. The second quarterly premium became due on December 6, 1911 (allowing, the thirty days grace provided for in the policy). On December 22, 1911, the insured died, having failed to pay the second quarterly premium. The policy provides: “If any premiums hereon shall not be paid when due, the company shall first apply any withdrawable surplus to pay the same, and the remainder Of the premium due, if any, shall be charged against this policy as a loan, if the respective loan value specified" herein be sufficient to cover such advance, in addition to any existing liens and accrued interest; provided that if the credits be not sufficient to cover the entire premium then due the company shall apply the same, if sufficient, to pay the premium for a shorter period, but not less than a full quarterly premium.” It is further provided in the policy that the insured may borrow the amount specified in column 2 of a table accompanying the policy, for the year in which the loan is to be taken, the contract to be assigned