Jacoby

This was an action seeking a declaratory judgment as to the rights of plaintiff-appellee, Ruth Jacoby, against defendant-appellant, Bankers Life Company, in and to a certain life insurance policy for $5000 which the Company had issued upon the 'life of Lionel A. Jacoby, appellee’s former husband. The trial court held that pursuant to and because of a certain assignment of policy hereinafter mentioned, the appellee became and is the owner of the insured’s interest and of the interest of Betty M. Jacoby, present wife and former assignee, in and to the policy here in question. It was. held that the appellee has the power to change the beneficiary under the policy, (at present Betty M. Jacoby), and the right to surrender certain extended insurance under the policy for a cash value equal to the reserve thereon at the time of surrender, less indebtedness due the Company. The judgment provided that this cash surrender value may be obtained upon compliance with the terms and conditions of the policy “other than the physical surrender of the policy”.

The sole question upon this appeal is as to whether the court erred in thus holding that physical surrender of the policy was not a…