Rhine v. New York Life Insurance

The defendant life insurance company issued, in 1927, a policy insuring the life of the plaintiff in the sum of $2,000 with provision for “ disability benefits.” In 1934 the insurance was split into two policies for $1,000 each, with similar provisions. The Insurance Law (Cons. Laws, ch. 28, § 83) commands that every domestic life insurance company “ shall provide in every policy * * * that the proportion of the surplus accruing upon said policy shall be ascertained and distributed annually.” In the same section the Legislature has defined the manner in which the proportion of the surplus “…