Keckley v. Coshocton Glass Co.
Ohio Supreme Court
Error to Circuit Court of Coshocton county. The defendant in error, The Coshocton Glass Company, is a corporation, and at the time of the issuance of the life insurance policies which are the subject of these actions, Thomas J. Gainor and two others owned the controlling interest in the corporation.
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Error to Circuit Court of Coshocton county. The defendant in error, The Coshocton Glass Company, is a corporation, and at the time of the issuance of the life insurance policies which are the subject of these actions, Thomas J. Gainor and two others owned the controlling interest in the corporation. Gainor was a man of extensive experience and skill in the glass manufacturing and bottle blowing business; and to him especially all others interested in the company looked for its success. In getting the company established in business it was a large borrower of money and it also sold preferred…
1Opinion of the CourtDavis, C. J.
The plaintiffs in error in both of these cases seem to have defended in the courts below, and to contend here, on the theory that a life insurance policy is merely a contract for indemnity, and therefore, upon the assumption that the policies were taken out to secure the company against loss of the services of Gainor by his death while connected with the company, if an insurable interest ever did exist in the company, it ceased when Gainor severed his connection with the company; and hence when Gainor died the proceeds of the one policy belonged to GainoCs estate and. of the other policy to…
2Cases cited10 opinions
- Grigsby v. RussellSupreme Court of the United States · 1911
- Johnson v. Van EppsIllinois Supreme Court · 1884
- Lewis v. Phœnix Mutual Life InsuranceSupreme Court of Connecticut · 1872
- Langford v. FreemanIndiana Supreme Court · 1877
- Hosmer v. WelchMichigan Supreme Court · 1895
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