Equitable Life Insurance v. Johnston

Herbert T. Johnston had a policy with the plaintiff company in the amount of $10,000, providing for the payment of said amount upon his death, to Pearl D. Johnston, his wife, if she survived him, otherwise to his sons, Raymond Johnston and Rupert T. Johnston. Said policy contained a provision for double indemnity in case of accidental death. Attached to the policy and made a part thereof, was what was known as a “direction for settlement”, in which the insured directed that if his wife survived him the proceeds of the policy should be held by the company and the interest income thereon should…