First Trust Co. v. North-Western Mutual Life Insurance

Peterson, Justice.

■ In this action plaintiff sues for a declaratory judgment that defendant retain the proceeds of four policies of life insurance upon the life of Edgar B. Ober, deceased, in the face amount of $50,000, on which there are certain accruals and from which certain premiums are to be deducted, at interest in accordance with an option in each of the policies which plaintiff exercised. Each policy contains an option numbered “A” in substantially the same language, which provides that where, as in the instant case, the insured has not made the election in his lifetime, the…