Ticker v. Metropolitan Life Insurance

Citations

• 11 Teiss. 55
• 1913 La. App. LEXIS 121

Syllabus

<p>Syllabus.</p> <p>1. The assignment or substitution iof a new beneficiary in a policy of life insurance made wholly without consideration is a donation, and as such invalid if the formalities prescribed for the making of donations are not observed.</p> <p>2. Where the attempted assignment of or the substitution of a new beneficiary in a policy of life insurance is invalid or unauthorized, the policy survives in favor of the beneficiary whose interest it was sought to- divest by virtue of said attempted assignment or substitution.</p> <p>3. ' The designation, without consideration, of the wife as beneficiary in a policy of life insurance taken out during the community by the husband on his. life, is valid even though the formalities prescribed for the making of donations are not observed.</p> <p>4. The proceeds of such policy vest in the wife’s separate estate upon the husband’s death, and are not liable for the debts ■ of Ms estate nor those of the community.</p> <p>5. Upon the death of the donor, the reduction of the donation may be demanded by tbe forced beirs alone; and creditors can neither require it or avail themselves of it.</p> <p>Syllabus.</p> <p>1 A. life insurance policy is a contract sui generis, governed by rules peculiar to itself, the outgrowth of judicial precedents and not of legislation.</p> <p>2. The proceeds of a policy of life insurance, payable otherwise than to the assured or his estate, belong to the beneciary, form no part .of the .estate of the assured, and are not liable for his debts or subject to community rights, or to reduction or collation.</p>