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Show L TELEGRAPHIC I Tl I'OKT.t T IJFE IXSl'It-A IXSl'It-A Si E CASfc. Wnbhington, 23. A uumber ol imporUut oiJitiioua in several hie iu-' iu-' sLirniice cases were delivered by tlie supreme court to duy. The points decided are as follows: A policy oi - life iuauraucu, that is stipulation for - the paymont ol an annual premium by the awured, with a condition to void on non payment, is not an insurance insur-ance from year to year, like a common com-mon tire policy, but the premiums constitute an annuity, the whole of which h a consideration for the entire . assurance for life, and the condition io a condition subsequent, making void the policy by its non perlorm-ance, perlorm-ance, but the tlmo of payment in J uch policies is material, and of the esaeuce of the contract, and the failure fail-ure to pay involves au abiolute for- feiture which cannot be relieved t against in equity. It failure to pay l, the aunual premium be caused by i f the intervention of war between tho territories iu which the iusurauce company and assured respectively . reside, which makea it unlawful for them to hold intercourse, the policy is nevertheless forfeited, if the company com-pany insist on the condition, but in such a case the. nesiired is entitled to . the equitable "value of the policy arising Irom premiums actually paid, i This cqui'able value is the difference ' between a now policy and the present value of premiums yet, to be paid on tho forfeited policy when the forfeiture for-feiture occurred, and may be recovered recov-ered in. equity. The doctrine of revival of contract: suspended during war is one baed ou considerations of equity and justice, and cannot be invoked to revive a contract which it would bo n l: just or inequitable to revive, a where lime is the essence ol the LOutnii't, or the partita cannot be made iq.ial. The average rale of mortality u luo fundamental basis of life inaurauce, and au this is subverted by giving to the assured the option to revive their pulicios ur net niter tlioy have been at war, eiucy none, but the 6ick and dying would apply, it would be unjiiet to compel a revival against the company. - Justice Bradiev delivered the opinion opin-ion of the court. - The insured parlies lived m Mississippi and were prevented pre-vented from paying their premiums in consequence of tlie war. Tne bovc opinion was coucurred in by justices Sway no, Miller, Davia, Field aud Bradley. 'Ihe other four members of the court dissented. ChiefJuslicc U'aite, dissenting, said : "I agree with the majority of the court iu the opinion that the decree and judgments in these cases should ba reversed, aud that the failure lo pay annual premiums aa they matured ma-tured put an end to the polices, notwithstanding not-withstanding the default was occasioned occa-sioned by war, but I do not think that default even under sueh circumstances circum-stances raises an implied promise by the company to pay the assured what his policy was equitably worth at the time. I therefore dissent from that part of the judgment just announced, which remands tho cause lor trial upon such promises. |
