Wheeland v. Atwood

Citations

• 192 Pa. 237
• 43 A. 946
• 1899 Pa. LEXIS 902

Syllabus

<p>Insurance—Life insurance—Insurable interest—Debtor and creditor— Husband and wife.</p> <p>A wife who owns a policy of insurance on lier own life may assign it to her husband, and he in turn may assign it to a creditor of his own in payment of a valid debt.</p> <p>A creditor may lawfully take out a policy on the life of his debtor in an amount sufficient to cover the debt, with interest, and the cost of such insurance, with interest thereon during the period of the expectancy of life of the assured according to the Carlisle tables.</p> <p>A policy of insurance on the life of a wife was assigned by the wife to her husband and he in turn assigned it to a creditor in payment of a debt of $1,900. The policy was for $5,000, and the wife’s expectancy of life was about twenty-six years. The amount of premiums that the creditor would have been obliged to pay if she had lived out her expectancy would havq been about $4,500. The wife died a few months after the creditor acquired title to the policy. Held, that the creditor was entitled to the whole amount of the policy.</p>