Mutual Benefit Life Insurance v. Willoughby

Citations

• 99 Miss. 98
• 54 So. 834

Syllabus

<p>1. Life Insurance. Disposition of policy. Beneficiary. Consent.</p> <p>The right of the beneficiary named in a life insurance policy to the proceeds of the policy is absolute, that is to say, the rights to the benefits under the policy during the life of the contract, cannot, be destroyed by the insured or disposed of, except with the consent, of the beneficiary, and this applies whether the policy be an ordinary life policy or a policy to which is attached a loan value, cash-surrender value and automatic paid up insurance.</p> <p>2. Same.</p> <p>Where the husband of the beneficiary in a policy procures a loan on the policy without the beneficiary’s knowledge or consent and without ratification on her part, he is not her agent and she is. not estopped by his acts.</p>