Fuller v. Wright
Supreme Court of Georgia
Intervention. Before Judge Bell. Fulton superior court. May 9, 1916. The American Life Annuity Association, a Georgia corporation, on August 28, 1911, issued a policy of insurance upon the' life of Mary E. Fuller for the sum of $5,000, and Lula J. Fuller, daughter of the insured, was designated as the beneficiary.
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Intervention. Before Judge Bell. Fulton superior court. May 9, 1916. The American Life Annuity Association, a Georgia corporation, on August 28, 1911, issued a policy of insurance upon the' life of Mary E. Fuller for the sum of $5,000, and Lula J. Fuller, daughter of the insured, was designated as the beneficiary. The policy provided that on satisfactory proof of death of the insured $5,000 should be paid to the beneficiary in 100 monthly installments of $50 each; that should the insured attain the age of 78 years while the contract was in full force and effect she should receive the…
1Opinion of the CourtEvans, P. J.
(After stating the foregoing facts.)
1. A life-insurance company, when adjudged insolvent and dissolved, has broken its engagements with its policyholdérs and becomes liable to them in damages for such breach. Commonwealth v. American Life Insurance Co., 162 Pa. St. 586 (29 Atl. 660, 42 Am. St. R. 844); Boston and Albany Railroad Co. v. Mercantile Trust and Deposit Co., 82 Md. 535 (34 Atl. 778, 38 L. R. A. 97). Upon such breach the policyholders become creditors for the value of their policies at the date of the dissolution of the company. People v. Security Life Insurance Co., 78 N. Y. 114…
2Cases cited3 opinions
- American Casualty Insurance Company's CaseCourt of Appeals of Maryland · 1896
- People v. Security Life Insurance & Annuity Co.New York Court of Appeals · 1879
- Commonwealth ex rel. Attorney General v. American Life Ins.Supreme Court of Pennsylvania · 1894
3Cited by9 opinions
- Casteel v. Kentucky Home Life InsuranceCourt of Appeals of Kentucky (pre-1976) · 1935
- Commissioner of Insurance v. Massachusetts Accident Co.Massachusetts Supreme Judicial Court · 1943
- Federico MacAroni Mfg. v. Great Western Fire Ins. Co.Supreme Court of Louisiana · 1931
- Hobbs v. Occidental Life Ins. Co.Court of Appeals for the Tenth Circuit · 1937
- Page v. MarcelLouisiana Court of Appeal · 1950
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