Lentz v. Fritter

Citations

• 92 Ohio St. (N.S.) 186

Syllabus

<p>Insurance — Reorganisation of company — Limiting class of beneficiaries — Policy theretofore issued unaffected, when — Rights of holder to change beneficiary — No vested interest by beneficiary —Fraternal beneficiary societies.</p> <p>1. The reorganization of an insurance association, under the laws of the state, limiting the class of persons from which a member may select or designate the beneficiary of his policy, does not affect a policy theretofore issued nor change the designation of a beneficiary which was valid when made.</p> <p>2. The holder of a policy in such reorganized insurance association may change the beneficiary thereof to conform to the restrictive provisions of an amended statute or constitution and by-laws of the society, and such change may be effected by the concurrent election of the policyholder and the association • to treat the policy as subject to and controlled by such statutes and the new constitution and by-laws of the reorganized association, including a limitation of the benefits of such policy to a specified class of persons.</p> <p>3. The beneficiary named in the policy of a fraternal insurance association has no vested interest therein during the life of the policyholder, and the latter may, within the limits prescribed by law and the constitution and by-laws of the association, change his beneficiary at will.</p>