MATTHEWS v. FRANKLIN LIFE INSURANCE COMPANY

INSURANCE, § 199 — loan, as not including compound interest. Where loan on life insurance policy included items for payment of former loan, payment of one year's interest in advance, and part payment of annual premium then due, it could not be contended that insurer charged compound interest, in effort to show that there was enough money left to extend insurance to cover period when insured died and prevent lapse for nonpayment of premiums, and deduction of interest in advance and payment from proceeds of loan is permitted in Illinois.

Opinion by JUSTICE FULTON.

"Not to be published in full." Opinion filed July 15, 1940.