Metropolitan Life Insurance v. Connelly

Opinion op the Court by

Judge Dietzman

Reversing.

On May 13, 1898, the Washington Life Insurance Company of the city of New York issued to J. W. Crammer a policy by which it insured his life in the sum of $1,000. This policy was a “20 year deferred dividend policy,” and by its terms the insured had, if living at ■the end of the twentieth year, certain options by way of settlement. The policy also provided that at this time the company would apportion a cash dividend payable to the insured. The option exercised in this case was the payment to the insured of the value of his policy and the…