History of Life Assurance in the United Kingdom (Continued)

Extract

A case arose about this time—the middle of the eighteenth century—which, as it illustrated some points in practice and an important principle in the law of Insurance, I will briefly review. It is the case of Cleeve v. Gascoigne. In June 1749, the defendant (Gascoigne) had applied to an Office-keeper, or Broker, to insure £1,600 for one year at 5 per-cent on the life of one Poulton, from whom the defendant had agreed to purchase an estate, whereof Poulton had the reversion in fee, and also an intervening interest for his own life.