Knoche, Admr. v. Mut. Life Ins. Co. of N.Y.

Where the right to change the beneficiary has been reserved in a life insurance policy, the beneficiary named has but a mere expectancy with no vested right or interest during the lifetime of the insured: Riley v. Wirth, 313 Pa. 362, 367; Irving Bank v. Alexander, 280 Pa. 466, 470; Weil v. Marquis,256 Pa. 608, 614; 37 C. J. 579, section 345. It has been held that a beneficiary who has but a mere expectancy cannot assign or transfer such expectancy during the life of the insured so as to preclude the latter's estate from claiming under the terms of the policy: Hicks v. Life Ins. Co., 166 Iowa…