Price v. Supreme Lodge Knights of Honor

Citations

• 68 Tex. 361
• 4 S.W. 633
• 1887 Tex. LEXIS 698

Syllabus

<p>1. Policy or Insurance.—A party having no insurable interest in the life of another can not receive an assignment of a policy of insurance issued upon the life of the latter by the Supreme Lodge of the Knights of Honor upon an agreement merely to pay the premiums or assessments necessary to keep th e policy in force. Such an assignment is in contravention of public policy, and the fact that the rules of the Supreme Lodge of the Knights of Honor may permit the transfer, can not validate it.</p> <p>2. Same.—Such an assignment will not vitiate the policy, but will, on the death of the insured, leave the insurance money payable to the parties originally designated in the certificate.</p> <p>3. Public Policy.—Public policy will not recognize the transfer of a life policy of insurance to another whose interest is involved in the early death of the insured, thus creating a temptation to destroy human life.</p> <p>4. Same—Gases Cited and Approved.—On this point the cases of Swick v. Insurance Company, 2 Dill C. C., 160; Sternes v. Warner, 101 Massachusetts, 364; —— v. Insurance Company, 9 Rhode Island, 34, cited and approved.</p>