Mutual Life Insurance Co. of New York v. Daddy$ Money, Inc.

STEPHENS, Justice.

This dispute arises over the sum of death benefits due under two identically worded life insurance policies. After the death of the insured, the carrier, appellant Mutual Life Insurance Company of New York (MONY), tendered payment of $7,989.30 to the beneficiary, appellee Daddy$ Money, Inc., contending that prior to the death of the insured, premium payments had been discontinued and that, under the terms of the policies, coverage had been reduced to single-premium paid-up participating life insurance. Daddy$ Money concedes that premium payments had been discontinued prior…