Butler v. New York Life Insurance

This action was brought to recover the amount of two policies issued by the defendant insuring the life of one John A. Butler. The policies were issued on August 29 and 31, 1934, respectively. The premiums thereon were paid up to the anniversary dates in 1939. On said dates the status of each of the policies was as follows: The cash surrender values had been reduced by loans to $24.25 and there was a dividend credit on each amounting to $36.45. It is conceded that the cash surrender values of the policies at that time excluding the dividends were insufficient to keep the policies alive under…