Kaplan v. Copeland

In November and December, 1929, the New York Life Insurance Company issued to Samuel Kaplan, aged twenty-two, of Hampton, Virginia, two policies of insurance insuring his life in the sums of $5,000 and $3,000, respectively. Each policy provided for monthly payments to the insured, in the event of his total and permanent disability, with the added provision that should disability result from “insanity,” payment would, be made to the “beneficiary in lieu of the Insured.” At the time the two policies were written, the insured was the beneficiary thereunder, but on October 13, 1930, he executed…