Austrian v. Equitable Life Assurance Society

Memorandum. The order of the Appellate Division should be affirmed.

In this action to recover double indemnity benefits under two life insurance policies issued by defendant, the sole issue is whether, upon conversion of the policies to paid-up insurance, the double indemnity provisions continued in existence.

Following an exchange of letters with the insured, it was mutually agreed that the policies were to be converted to paid-up insurance and defendant issued an endorsement to each policy which provided that "in accordance with the election made by the owner”, the face value would be reduced…