 A.C.Baker (Anne Shirley), advertising executive for an insurance company, approaches test pilot Terry Moore (Eddie Albert) with a proposition that in return for using his picture and endorsement he will get a paid-for-a-year $1000 policy. High-risk Terry agrees. George MacAlister (Roger Pryor) fires his secretary, Miss Tracy (Mary Treen), just as she is typing up the policy and she, for spite, changes the amount from a thousand dollars to one million dollars. A.C. delivers the policy, without noticing the difference, to Terry at a party at the Frolics Club, a cheap joint wedged between a burlesque house and a flop house hotel. Three characters, an elderly hat-check "girl" known as Mother Hodges (Maude Eburne); Avery Jamieson (Raymond Walburn), a broken-down actor; and bartender Harry Gargan (Edward Brophy) are named beneficiaries. When the company discovers the error, A.C. is sent to get back the policy and, pending that, don t let Terry make any test flights.