Brown v. Highlanders

Plaintiffs commenced this suit on behalf of themselves and all others similarly situated as holders of certain life insurance policies, designated as Ideal Reserve'policies, to compel the defendant insurance company to distribute an alleged accumulated surplus existing in the Ideal Reserve Fund of the defendant company to the holders of Ideal Reserve participating policies. The Ideal Reserve policies *56issued to plaintiffs were participating insurance contracts entitling their holders to1 participate in any surplus existing in the Ideal Reserve Fund of the company. Plaintiffs allege in their…