Matthew

March 5, 1924, a policy of insurance in the sum of $75,000 on the life of Ralph L. Clements was issued by the Union Central Life Insurance Company, naming as beneficiary the Flintex Corporation, its successors and assigns, without the privilege of change of beneficiary. The policy was made effective as of January 13 of that year, and the first annual premium, amounting to $2,788.50, was paid in cash by the beneficiary. The second annual premium, which became due on January 13, 1925, was not paid, but, within tho grace period allowed by the policy, the Flintex Corporation executed its promissory note for the amount of the premium, payable August 14 of that year. In July, 1925, the Flintex Corporation assigned to Clements its interest as beneficiary under the policy, so that from that date the estate of Clements became the beneficiary. This result was accomplished by the surrender of tho old policy in which the Flintex Corporation was named as beneficiary and the issuance of a new policy identical in terms, aside from the fact that the new policy named as beneficiary the administrators, executors, or assigns of the insured. August 14, 1925, a partial payment was made by the Flintex…