Landy v. New York Life Insurance

This motion under rule 112 of the Rules of Civil Practice for judgment on the pleadings is made by the plaintiff, the beneficiary of a $3,000 insurance policy issued on the life of the late Harold Landy. The insurance company contends that surrender of the policy in question had been effected prior to the insured’s death, and, hence, that it is only liable for the cash surrender value.

The policy contains the following provision relative to the payment of surrender value:

“ SURRENDER VALUE.— In event of default in payment of premium after three full years’ premiums have been paid, the following…