By the case stated signed by counsel the following facts appear. On January 21, 1947, on the application of Charles H. Callahan, hereinafter called the insured, the defendant issued a policy of insurance in the amount of $10,000 on his life, payable to the plaintiff as beneficiary. The policy declared that it was issued in consideration of the payment of the annual premium of $477.20 and of a like premium "on...
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