The Mutual Assurance Society v. Faxon et al. was a case heard by the United States Supreme Court in 1821 that dealt with an insurance company's right to collect on unpaid premiums from its policyholders. The court ruled in favor of the insurance company, finding that it had a legal right to demand payment for any and all premiums due under its policies, regardless of whether or not they were paid at the time of issuance or renewal. Furthermore, if there was evidence that payments had been made but not credited properly by the insurer, then those payments could be recovered as well. This ruling set an important precedent for insurers and their customers alike; it established clear guidelines regarding what is expected when entering into such contracts and how disputes should be resolved between them going forward.

In The Mutual Assurance Society v. Faxon et al., the dissenting opinion argued that a contract between two parties should be enforced as written, regardless of any moral or equitable considerations. The majority had held that the contract was void because it violated public policy and morality by allowing one party to benefit from another's misfortune - in this case, an insurance company profiting off of a fire at its insured's property. However, Justice Story dissented on the grounds that such contracts were enforceable under common law principles and could not be voided simply because they may have been morally objectionable. He further argued that if courts began invalidating contracts based on their own personal views of morality or equity, then there would be no end to litigation over what constituted "public policy" or "morality". Therefore, he concluded that enforcing contractual obligations was essential for maintaining order in society and upholding legal precedent.