Entwistle v. Travelers Insurance

Citations

• 202 Pa. 141
• 51 A. 759
• 1902 Pa. LEXIS 481

Syllabus

<p>Insurance — Life insurance — Beneficiaries—“ Holder.”</p> <p>A policy of life insurance provided thaL the proceeds of the policy should be paid to the wife if she survived her husband, or iu the event of her prior death to the children, but if the insured survived wife and children then to his legal representatives “t,he balance of the year’s premiums .... and any other indebtedness to this company either on the part of the insured or assured, being first deducted therefrom.” Another clause was as follows: “This policy may be converted into cash at the option of the holder at any time after the expiration of fifteen years from the date hereof, for the amount indorsed on the back of this policy, corresponding to the age of the insured at the time of such conversion, provided that the policy shall have been first paid up by the payment, of ten full annual premiums.” After ten full annual payments had been made and when children wore living, the husband and wife joined in an assignment of the policy, and the assignee demanded the cash balance on the ground that he was the “ holder” of the policy. His demand was refused on the ground that the children had an interest. Held, (1) that not only the wife, but the children of the insured were the beneficiaries or “ holders” of the policy; (2) that neither the husband, nor the wife, nor both together had power to destroy the vested interest of the children in the policy; (3) that the demand of the assignee of the wife was properly refused.</p>