Postdating effective date of life insurance

The best practice is to determine the actual date the parties desire the contract to end and specifically set out that date in the contract so the term begins on the defined Effective Date and terminates on the defined End Date.

However, frequently, the term is defined to last for a number of years, months, quarters, weeks, days, etc. In addition, the date when such time period ends may raise issues that are overlooked by the parties (such as an end date on a weekend or in the middle of a fiscal quarter). Establishing the length of the term of a contract also raises multiple issues.

Typically, this date should be specifically set forth as the “Effective Date” of the contract, and all other potentially applicable dates/blanks should be removed, including the common blanks for dates under signature lines.

Please note that establishing a defined Effective Date does not eliminate legal issues that may be raised by predating or postdating a contract (such as fraud or securities law requirements), and those considerations must be addressed in establishing the Effective Date. Determining the date a contract ends may be the most common question regarding any signed contract, but again, determining that date is not always straightforward.

Insurance proceeds remaining after the payment of such indebtedness, if any, were payable in the event of death of the debtor to the estate of the debtor or in lieu thereof, at the option of defendant, to certain specified persons by reason of their having incurred expenses occasioned by support, illness, or burial of the insured debtor. In response to their request, employees of the association in its office in Lumberton typed and delivered to J. Mc Callum, Jr., an insurance application form which they dated 30 December 1958, together with a note and crop lien and chattel mortgage dated 30 December 1958, so that he might take these instruments to Maxton to be executed and delivered by his mother at a later date. May Mc Callum, on the night of 30 December 1958, signed and acknowledged these instruments before a notary public, and they were returned to the association on 1 or 2 January 1959.

On 3 January 1959 the Lumberton Production Credit Association accepted these instruments, and made to Mrs. Insurance §§ 278, 279; 7 Appleman, Insurance Law and Practice, § 4256." To the same effect, 76 C.

"(2) That said Association may pay the premiums on any such insurance issued on my life, out of my dues and deposits paid and to be paid to the Association; "(3) That this application and all representations herein shall form the basis of any insurance issued to me under said group policy and that all said statements, representations and answers are full, complete and true." On February 13, 1939, John Marshall made written application for membership in the Association on its regular form. The application and the were mailed direct to the Insurance Company and received by it on February 18th.

May Mc Callum for one full year in the amount of ,000 from the date upon which its certificate of insurance was issued and delivered, payable as provided by the terms of its Creditor's Group Insurance Policy and certificates of insurance issued pursuant thereto, as set forth above. May Mc Callum on 3 January 1959 contained the following words and figures: The words before the colons were parts of the printed form; the figures and "Mo." after the colons were inserted by the use of a typewriter. It is one of the most basic questions with regard to any agreement, but drafting provisions regarding the “Term” raises multiple issues, both legal and practical.In Part 1 of our two-part post on this subject, we review some important considerations to keep in mind when drafting this common contract provision. Defining the date a contract begins is the first step in establishing the term.On 3 January 1959, the day the loan was made, defendant executed and delivered to Mrs.

May Mc Callum, under its Creditor's Group Insurance Policy, certificate of insurance PLD No. Many times, a signed contract will contain blanks to be completed for each of these possibilities, and such blanks will be filled in with different dates, or some/all of the blanks will never be completed.

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19 Comments

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  2. eric   •  

    I found a forum post on the apple help page, describing similar problems with Image Capture.

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