New York Life Insurance v. Finkelstein

Appellant issued to Louis Finkelstein three identical policies of life insurance, each for $5,000. Each policy had the following provision: “And the Company agrees to pay to the Insured one-tenth of the face of this Policy per annum, during the lifetime of the Insured, if the Insured becomes wholly and permanently disabled before age 60, subject to all the terms and conditions contained in Section 1 hereof.” And the further provision: “If the Insured becomes wholly and permanently disabled before age 60, the payment of premiums will be waived under the terms and conditions contained in…