ntil the happening of the contingency or time when payment
is to be made by the insured. It may be added that words or figures
written or printed on the margin of a policy of life insurance, on its
back, or on a slip, with reference to the terms and conditions of the
contract, constitute a part of it and must be considered in deciding
its meaning. But representations made in a prospectus or circular
issued by a life insurance company are no part of a contract.

The payment of premiums to a general agent without notice of any
limitation of his authority to receive payments will bind the company,
but a different rule applies to a special agent. The premiums may be
paid by the insured, or the beneficiary, or by the agent of the
company whenever he has agreed to pay them for the insuring party. A
discount allowed by the company for the punctual payment of premiums
belongs not to the agent, but to the insured. Cash is usually paid,
though other arrangements also exist for taking notes, that are
ultimately paid in cash or from the earnings of the company, and
belong to the insured and would be paid to him. In mutual life
insurance companies a portion of the premium is often paid in this
manner.

A policy of life insurance payable to the insured, or in the event of
his death to his personal representatives, may be assigned unless
forbidden by statute, therefore a policy payable to the wife of the
insured, or another may be assigned by the united act of the insured
and the beneficiary. Thus a policy taken out for a wife's benefit is
often assigned by her and her husband to his creditors to secure
their debts. In some states statutes forbid the assignment of such
policies for the benefit of creditors. The written assignment must be
delivered to the assignee to be effective. On some occasions
assignments have been declared valid where the intention was clearly
proved though both the written assignment and the policy remained in
the possession of the assignor. An assignee who holds a policy as
security is entitled on its payment only to the amount of his claim
and advances with interest, including premiums paid to keep the policy
alive and thus preserve his security. More generally premiums paid for
this purpose are chargeable on the proceeds of the insurance, but a
mere volunteer who pays the premiums acquires no lien on the proceeds
of the policy when it is paid. Nor can one who ought to pay the
premiums give a lien on the pol