Maggiorini

On July 27, 1927, defendant company is- • sued a 20-year endowment policy for $5,000 upon the life of Paolo Maggiorini. Default was made in the payment of the annual premium on January 6, 1932. Insured died on .March 21, 1932, and thereafter defendant received proof .of death. Plaintiff, the widow, as beneficiary sues claiming the full amount of the policy, favorably construing and invoking the provisions of section 450 of the California Civil Code. .

The policy contains the following provisions for surrender values:

The net cash surrender value of the policy at the date of the default was $215.55. No request for payment of this am'ount having been made, the policy continued automatically as participating paid-up insurance for the amount which the net cash surrender value would purchase as a single net premium at the attained rated-up age of the insured at the date of default according to the American Table of Mortality, and interest at 3 per cent. The amount of this paid-up insurance in force at the time of the insured’s death was $313. To this amount there was added $2.66 as a post mortem dividend, and 18 cents interest on the amount payable at the death of insured, resulting…