Maine Reports Volume 111

Maine Reports Volume 111

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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. 1914 edition. Excerpt: ...The company not only accepted and retained this premium when overdue, but in like manner accepted and retained overdue premiums for the months of August, September and October, and then on October 29, accepted the advance premium for the month of November. This constituted a waiver on the part of the company so that the policy was kept continuously in force. The company having full knowledge of the facts, had the option either to treat the policy as lapsed and decline further premiums or to accept the overdue premium and thereby treat it as subsisting. It could not accept and retain the premium and still be freed from liability. The premiums it retains must be on living not on dead policies. The lapse of a policy for non-payment of premiums is waived by the insurer's acceptance of either the overdue or subsequent pre-miums paid under the policy. This is settled law. Lally v. Ins. C o., 75 N. H., 188; White v. McPeck, 185 Mass., 451; McNicholas v. Ins. Co., 191 Mass., 304; Williams v. Relief Assn., 89 Maine, 158. It is true that the policy contains this provision, "Nor shall the acceptance of any overdue premium or premiums constitute a waiver of the requirement that all renewal premiums be paid in advance as specified in the contract." This in no way conflicts with the rule just stated. The acceptance of overdue premiums does not of itself work a waiver of future prompt payments, but it is a waiver of the condition so far, and so far only, as covered by the overdue payments themselves. It affects and must affect the past, but not necessarily the future. C rossman v. M ass. Benefit /lssn., 143 Mass., 435. This is the true construction and limitation of this clause in the policy. To permit it to go further would be...
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Product details

  • Paperback | 234 pages
  • 189 x 246 x 12mm | 426g
  • United States
  • English
  • black & white illustrations
  • 1236940768
  • 9781236940766