Pan-American Life Ins. Co. v. Peebles

FOSTER, Justice.

This is a suit by the beneficiary in an insurance annuity contract, whose terms are set out in the opinion of the Court of Appeals. That court held that the beneficiary was not entitled to recover. We agree with the Court of Appeals, but the earnest argument of counsel for petitioner impels us to give expression to our views.

It is claimed that the beneficiary may recover, under the third agreement to pay, a certain amount by reason of an option right conferred on the annuitant in the nonforfeiture provision.

The third agreement confers on her at his death the right to a refund…