Gulf Life Insurance v. Weathersbee

In February, 1931, Gulf Life Insurance Company issued a policy of insurance on the life of Julian C. Weathersbee for $5000.00 payable to his children, Julian C. Weathersbee, Jr., and Betty Marg Weathersbee. It was provided that in the event of death and claim for the face of the policy "The accrued interest of three and one-half per cent. on each share of the $2500.00 is to be paid annually until the beneficiaries attain age twenty-one. As each beneficiary attains age twenty-one his share of $2500.00 will be paid in a lump sum."

The policy also contained a double indemnity contract, the…