McWilliams v. Northwestern Mut. Life Ins. Co.

Opinion of the Court by

Sims, Commissioner

Reversing.

In 1910 the Northwestern Mutual Life Insurance Company (hereinafter called the Company) issued to James McWilliams (hereinafter called the insured) a policy on his life for $5,000 in which his wife, Fannie L. McWilliams, was named beneficiary. The policy allowed the insured to change the beneficiary, and on August 2, 1927, by proper indorsement thereon he designated his two daughters, Alice L. and Helen J. McWilliams, the appellants, as beneficiaries. The policy contained this provision regarding loans:

“If this policy be not then extended as…