Andrew v. Ideal National Insurance Co.

HENRIOD, Justice:

Appeal from a summary judgment dismissing plaintiffs’ class action with respect to rights under a Bonus Fund endorsement on a life insurance policy. Reversed, with costs to plaintiffs.

In 1960, about 12 years after issuance of the policies subject of this litigation, the defendant merged with another company, acquiring its assets and assuming its liabilities under policies it had written, including those considered here, which were written in 1948 and 1949. Such policies had a single annual premium covering life insurance coverage and a savings feature, — the Bonus Fund, —…