Life Insurance—Designation of Beneficiary.—Where an ordinary policy of life insurance designates a person to whom the insurance money is to he paid, the person who procures the insurance and who continues to pay the premiums has no authority by will or deed to change the designation of title to the moneys, without the consent of all the beneficiaries named in the policy.

Id.—Nonpayment of Premium—Waiver—Unconditional Delivery.— An express provision in a policy of insurance that the company shall not be liable thereon unless the premium is actually paid is waived by the unconditional delivery of the policy to the assured, as a completed and executed contract, under an express or implied agreement that a credit shall be given for a premium, and in such a case the company insuring is liable for a loss which may occur during the period of credit; but this rule does not apply where a policy is undelivered.

Id.—Cancellation of Undelivered Policy.—Where the solicitor of an insurance company was willing to procure two policies for a person whose life was to be insured, and to take his notes for the premium for the first year, but in fact delivered only one of them, and with the consent of the insured declined to deliver the other policy, and returned it with a surrendered note for the premium to the company which canceled the policy, the beneficiaries named in the undelivered policy had no vested right thereto.

Id.—Obligation of Insured Person—Uncompleted Contract.—An insured person is under no obligation to consummate a contract of insurance so as to procure a policy for a beneficiary named) and as long as it remains executory the person procuring the insurance and the insurance company may, by mutual consent, decline to complete it without consulting the beneficiaries, who would only become such upon the completion of the contract.

Id.—Surrender of Delivered Policy.—Where a valid policy is regularly delivered, in pursuance of a consummated contract, to one who had procured insurance upon his own life, payable to another, the insured cannot surrender the policy without the consent of the beneficiary.

Id.—Personal Credit Given by Agent Without Authority—Nonpayment of Premium Notes—Forfeiture.—Where the local agents of an insurance company, who are'not authorized to take any thing exc»pt money in payment of premiums, consent to take notes in lieu of money, such notes must be considered, so far as the insurance company is concerned, as a payment of the premium to the agents who held the notes in lieu of so much money with which they were chargeable, and under such circumstances the nonpayment of the notes at maturity does not work a forfeiture of the policy or defeat its validity.

Id.—Waiver of Statutory Provisions.—Such provisions as the law prescribes for the advantage or protection of individuals may, as a rule, be waived by them where not inhibited by public policy; but where the object of a statute is to promote great public interests, liberty, or morals, it cannot be defeated by a private stipulation.

Id.—Public Policy—Act Inhibiting Forfeiture—Power of Insurance Company.—A statute of New. York providing that no life insurance company doing business in that state shall have power to declare forfeited any policy except on certain conditions, is a limitation on the power of the company, and is intended, as a matter of public policy, to inhibit forfeitures of policies by life insurance companies, except as therein provided.

Id.—Power of Corporations—Ultra Vires.—That which a corporation has not the power to do, if attempted to be done by it, is ultra vires, and void.

Id.—Waiver of Statutory Notice.—The insurance company being deprived of the power to declare policies forfeited for nonpayment of premiums, except upon a notice required by the statute, the insured cannot make a valid waiver of such notice, so as to confer such power, in the face of the law which has taken it away.