Schuberth v. Prudential Insurance Co. of America

Opinion by

Tkexleb, J.,

In 1902 Andrew H. Schuberth received a policy from defendant company for $1,000 payable at his death to Helen L. Schuberth, beneficiary, if she survived him, otherwise to his legal representatives. Insured did not reserve the privilege of changing the beneficiary. The policy contained a clause, “Cash Loans — If this policy be continued in force, thednsured may borrow from the company the amount specified in the following table, by making written application for the loan and assigning the policy to the company as security in accordance with the terms of the company’s loan…