estions the company waives information as to matters thus
asked for by accepting the application without objection. If,
however, the applicant purports to answer a question by giving only an
incomplete answer, concealing facts which should properly be stated in
response to the question, and these concealed facts are material, the
policy is voidable." If a material change for the worse in the health
of the applicant takes place after the application and medical
examination, it is the duty of the applicant to disclose it. The
failure to disclose facts of which the applicant is ignorant, or which
are immaterial to the risk, is not ground for avoiding the policy.

When a policy is surrendered or canceled by the contract or by
statute, the insured may be entitled to the surrender value of his
policy. The amount is to be determined by the period for which the
policy has to run, the amount of the annual premium, the age of the
insured, and the probability of the continuance of his life stated in
the usual life tables. The value of an immatured paid-up policy is the
unearned premium called the reserve and is to be computed in the same
manner as that of a policy on which annual premiums are paid. The
beneficiary is entitled to the surrender value as against the insured,
as well as the creditors, unless the beneficiary has consented to
giving them the preference.

By a clause in the contract of insurance or by statute, the insured
can convert his policy into a paid-up policy for such an amount as the
premiums would have secured. These conversions often happen where the
insured is unable or unwilling to continue to pay the premiums
required to maintain the policy. Formerly on the failure of the
insured to pay, policies lapsed or were forfeited, and the insurance
companies gained large sums from this source. This led to legislation
and to the creation of paid-up policies. These are issued on somewhat
different terms, but the principle in all of them is the same.

=Minor.=--The contracts of a minor are of two kinds, those for
necessaries and other things. Contracts for necessaries made by him
the law will uphold. They are really implied contracts which the law
will sustain for his benefit and protection. What are necessaries is a
question of fact, not always easily answered. Much depends on a
minor's place in society and condition. The question is for a jury to
decide, also whether the prices for them are reasonable or not. One