S. Victor Paturzo v. Home Life Insurance Company, a Body Corporate

Plaintiff, S. Victor Paturzo, purchased a $200,000 life insurance policy on the life of his father, Salvatore Paturzo, in which the son was named as the primary beneficiary. In March 1972 plaintiff cancelled the policy’s dividend option to apply the dividends accumulated on the policy to the additional purchase of one-year term life insurance. An ambiguity as to the effective date of cancellation, i.e., whether the additional term insurance was cancelled for March 3, 1972, to March 3, 1973, or for March 3, 1973, to March 3, 1974, was the principal dispute at trial. The effective date of…