W. H. Markell & Co. v. Mutual Ben. Life Ins.

This is an appeal from a decree dismissing, on the merits, after trial, a bill to reinstate a $10,000 ordinary life policy issued by appellee, September 13, 1917, on the life of W. H. Markell, the deceased, and payable absolutely to appellant. On November 6, 1917, at Markell’s request, the premium payments, all of which were made by appellant, were made payable quarterly. On November 7, 1928, appellant by Markell signed a certificate authorizing appellee to charge as an indebtedness against the policy any premiums overdue one month. Pursuant thereto the March, 192,9', quarterly premium of $157.-93 was so charged. So far as appears from the record, no one other than Markell dealt with appellee in any matters affecting the policy, except that appellee’s agent, Sanford, talked with Bigelow, a stockholder and member of appellant’s board of directors, at the time the policy was .issued. The substance of this talk, however, does not appear to have been asked for or given at the trial. Appellant was organized in 1911 and capitalized at $50,000, with 500 shares of $100' par each. Markell owned 360 shares; Bigelow originally 205, increased to 220 shares some time prior to 1929. Markell,…