New York Life Insurance v. Statham ( 1876 )

Mr. Chief Justice Waite.

I agree Avith the majority of the court in the opinion that the decree and judgments in these cases should be reversed, and that the failure to pay the annual premiums as they matured put an end to the policies, notwithstanding the default was occasioned by the Avar; but I do not think that a default, even under such circumstances, raises an implied promise by the company to pay the assured what his policy AAas equitably worth at the time. I therefore dissent Lorn -that part of the judgment just announced which remands the causes for trial upon such a promise.