Penn Mutual Life Ins. v. Taggart

1. The right of one insured under a life-insurance policy to a cash surrender value is a matter of contract only. Where the contract of insurance, as expressed in the policy, contains no provision for the payment of a cash value upon the surrender of the policy, and there is no statute giving this right, neither the insured nor his assignee can as a matter of right demand and collect from the insurance company whatever cash surrender value the policy may possess. 37 C. J. p. 444, § 161; Wilde v. Wilde, 209 Mass. 205 (95 N. E. 295); Haskell v. Equitable Life Assurance Society, 181 Mass. 341…