Joseph P. Bradley

“ Ordinarily, on an insurance for a specified time or adventure, such as a year, for example, or a voyage, they get their premium in advance for the risk of the whole period or adventure; and, if a loss happen ever so soon after the insurance is effected, no abatement of the premium is made. This gives them the benefit of average losses in determinate times or adventures, which is the solid basis on which all insurance rests. But the insurance company saw fit to make the contract in the form they did ”

“ The plaintiffs elected to make a monthly payment, and made it. It seems to us very clear that the mere making of such a payment was not, and did not amount to, a notice to discontinue the policy, or an election to have it continned in force for the month for which the payment was made, and no longer. The plan adopted by the plaintiffs, to pay from month to month, was a reasonable one, and favorable to the insurance company. It would have been a less favorable one to have deferred any payment longer, and a more favorable one to have paid for a longer time when they did make a payment. ”

“ And, according to that contract, we think that they continued to be liable for a loss, although it happened after the time covered by the premiums already paid, the assured being only liable to pay pro rata for the time used and not yet paid for. ”