Haberfeld v. Mayer

Citations

• 256 Pa. 151
• 100 A. 587
• 1917 Pa. LEXIS 579

Syllabus

<p>Insurance — Life insurance — Beneficiaries—Insurable interest.</p> <p>1. Everyone has an unlimited insurable interest in his .own life, and he may take out a policy of insurance on his own life and make it payable to whom he will, and it is not necessary that the beneficiary should have an insurable interest.</p> <p>2. Where a life insurance policy has been taken out to secure payment of a debt, and the policy makes no provision as to what should be done with any surplus remaining after the debt is paid, the personal representative of the insured is entitled to such excess.</p> <p>3. Where a life insurance policy taken out by the insured describes the beneficiary as a business partner, and makes no mention of any debts owing the beneficiary by the insured, the beneficiary is entitled to the entire proceeds of the policy as against the executor of the insured’s estate, and it is not material that the insured was indebted to the beneficiary or that the proceeds of the policy exceeded the amount of the debt.</p>