Boogaert

The following facts of this appeal appear to be uncontroverted.

One Fowler, who was born November 22, 1914, had been the insured of a five-year convertible and renewable term life insurance policy issued by defendant Occidental Life Insurance Company (Occidental). During the policy’s term plaintiffs Aileen Boogaert and Wade H. Hover became judgment creditors of Fowler, as a result of which in some way they became the owners and beneficiaries of the policy, and assumed payment of its premiums. Thereafter, plaintiffs exercised a conversion option of the policy and caused it to be converted to a $50,000 whole life insurance policy on Fowler’s life. The new policy was issued July 12, 1969, and July 12 became the policy’s anniversary date. Plaintiffs continued to pay its premiums, and the policy appears now to be in effect.

In exercising the conversion option, plaintiffs elected to maintain a “waiver of premium” rider such as had been a part of the previous term policy. The “waiver of premium” rider provided, as here relevant, the following (the italics are ours):

(It will be seen from the foregoing that the “waiver of premium” rider of the policy expired on the policy’s…