Jim "Lucky" Moore, an insurance salesman, comes up with a novel policy for his friend, Steve: a 'love insurance policy', that will pay out $1-million if Steve does not marry his fiancée, Cynthia. The upcoming marriage is jeopardized by Steve's ex-girlfriend, Mickey, and Cynthia's disapproving Aunt Kitty. The policy is underwritten by a nightclub owner, Roscoe, who sends two enforcers - Abbott and Costello - to ensure that the wedding occurs as planned.

The friendship between two orphans endures even though they grow up on opposite sides of the law and fall in love with the same woman.