The National Quarterly Review Volume 9

The National Quarterly Review Volume 9

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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. 1864 edition. Excerpt: ...all the insurance he pays for, the New York Life Insurance Company, of New York, appears to have originated this plan, which is simply this, that if, after two full premiums paid, any premium is not paid when due, the company will still consider itself bound to pay, at the death of the insured, so many tenths of the sum insured as he had paid full premiums. The contract, however, runs, that if, after the payment of two premiums, the original policy, which, by nonpayment of a premium, is by its own terms forfeitetd, shall be surrendered to the company, it will issue a new paid-up and therefore non-forfeitable policy for so many tenths of the original sum insured as there has been full premiums paid. It is, in point of form at least, the second policy, and not the first, which is non-forfeitable, and the second is only issued on the surrendering of the first. Without supposing the rather novel case of a policy of insurance issued of a life known to be extinct, it was not quite clear to us how the company could be legally bound to pay the loss if the death occurred between the lapse of the first policy and its surrender. Inseeking an explanation of this difliculty we addressed the President of the New York Life Insurance Company, and his answer which is perfecly satisfactory so far as the intentions of the company is concerned, may relieve any apprehension that the insurance is liable to be lost by neglect during the indefinite interval between the forfeited and non-forfeitable policy." The Knickerbocker Life Insurance Company (N. Y.) also makes a creditable appearance in the Report of the Massachusetts Commissioners. It is shown to have made great progress since 1860, although not more than we had expected from what we had heard more

Product details

  • Paperback | 180 pages
  • 189 x 246 x 10mm | 331g
  • United States
  • English
  • black & white illustrations
  • 123697610X
  • 9781236976109