Andrew Nitkewicz v. Lincoln Life & Annuity Company of New York

Summary

The Court of Appeals answered a certified question in the negative, holding that Insurance Law § 3203 (a) (2) does not require a prorated refund of discretionary planned payments made into a universal life insurance policy account. The payments were not premiums paid for insurance coverage or for a period beyond the month of the insured’s death; the policy’s monthly deductions, rather than the planned payments, funded coverage. The Court relied on the statute’s plain language and the policy’s structure.