McGonigle v. Prudential Insurance Co. of America

This is an action to recover upon an insurance policy. In December, 1917, the Prudential Insurance Company of America, defendant herein, issued to John Stafford a policy of life insurance in the amount of $3,000. The plaintiffs, Sarah Mc-Gonigle, Leonard P. Stafford, and Frank A. Stafford, were finally designated as the beneficiaries. The policy contained a loan provision which reads as follows: “If this policy be continued in force, the Insured may borrow from the Company, without the consent of the Beneficiary, if any, named herein, with interest at the rate of six per cent, per annum,…