Georgia Reports Volume 104

Georgia Reports Volume 104

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1899 edition. Excerpt: ...but the company looks to the average, and 0n the average basis it must take in more than it pays out, or else ultimately fail. Clearly, therefore, in every instance of life-insurance there is a chance for the insured, or the person paying the premiums, to pay in more than the policy will bring back; and as a consequence, there can, under the doctrine announced in Pennsylvania, be no such thing as a wagering policy. The test that the amount of a policy taken out to secure a debt must not be out of proportion to the amount of the debt with added premiums and interest thereon will not stand scrutiny, for every one carrying the burden of keeping up a life policy may, whether a debt be thereby secured or not, suffer loss by paying out more than is finally received on the policy. In the case of a man who insured his life for the benefit of his wife and paid out in premiums more than the insurance company paid to her after his death, the loss would be the difference between the sum of the premiums with interest and the proceeds of the policy. If a creditor who held as collateral security a policy of life-insurance, and paid the premiums under a contract with the debtor to be reimbursed therefor out of the fund to be realized by the payment of the policy, paid to the company more than it returned when the debtor died (which would inevitably be the case in the event thelatter lived out his expectancy and all premiums up to that time were duly met), this creditor, if the collateral was the only source to which he could look for satisfaction, would lose the difference between the amount received on the policy and the amount resulting from adding the sums representing the premiums, the interest thereon, and the debt; and this would be true whether...
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Product details

  • Paperback | 358 pages
  • 189 x 246 x 19mm | 640g
  • United States
  • English
  • black & white illustrations
  • 1236800613
  • 9781236800619