Standard Discount Co. v. Metropolitan Life Insurance

June 20, 1932, defendant insurance company issued its policy on the life of Katie Smith for $90. The executor or administrator of the insured was designated as beneficiary, subject to the “Facility of Payment” clause. Afterward the beneficiary was changed, designating the daughter of the insured. The policy provided that “Any assignment or pledge of this Policy or of any of the benefits hereunder shall be void and of no effect.” Katie Smith died August 16, 1943, and her daughter, the beneficiary, made the funeral arrangements. Plaintiff was in the business of making loans to undertakers for…