Plaintiff, Grace Insurance Agency, commenced this action to collect earned insurance premiums totaling $42,747.38 on policies issued to defendants TFJ and Olsen Industries, Inc. During the course of discussions on the matter, defendant Fred Olsen, a principal of both corporate defendants, conceded, by letter dated March 16, 1988, that a policy had, in fact, been issued to TFJ, and that the sum demanded therefor, $24,678.48, was outstanding. On the basis of this admission...
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