On July 27, 1989, plaintiff, an accounting firm, purchased a $350,000 "key-man" term life insurance policy on the life of its founding partner Raymond Buchbinder, then 76 years old. Plaintiff paid the initial premium as well as the next three annual premiums.
Defendant insurer's July 1993 original premium notice advised that the annual premium was due and owing and that plaintiff was required to transmit the $15,972.50 payment within a 31-day grace period, expiring...
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