Kavanaugh v. Underwriters Life Ins. Co.

LESTER, Chief Justice.

John H. Kavanaugh and two other policyholders brought this suit against the Underwriters Life Insurance Company, a mutual assessment company, and its directors and officers, alleging mismanagement upon the part of said directors in that monthly assessments levied by the directors are inadequate to pay the claims that will arise under the outstanding policies heretofore issued by said company. They further alleged that too much of a certain fund has been used in paying salaries to its president and to one of its directors and that not enough of said fund has been used in…