New York Life Ins. Co. v. Reese
Supreme Court of Alabama
Appeal from Circuit Court, Montgomery County; Leon McCord, Judge. Action by J. D. Reese, as administrator of the estate of G. E. Reese, against the New York Life Insurance Company, to recover on a policy of insurance. Judgment for plaintiff, and defendant appeals. The policy was issued November 16, 1896, and by its terms the insurance company agreed to pay $2,000- to beneficiaries immediately upon receipt and approval of proofs-of the death of insured.
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Appeal from Circuit Court, Montgomery County; Leon McCord, Judge. Action by J. D. Reese, as administrator of the estate of G. E. Reese, against the New York Life Insurance Company, to recover on a policy of insurance. Judgment for plaintiff, and defendant appeals. The policy was issued November 16, 1896, and by its terms the insurance company agreed to pay $2,000- to beneficiaries immediately upon receipt and approval of proofs-of the death of insured. And the company further agrees to pay in addition thereto an amount equal to one-half of the total premiums received if the death of insured…
1Opinion of the CourtSomerville, J.
The sole question -in this case is whether plaintiff is entitled to recover an amount equal to- the face of the policy and one-half of the premiums paid, as for the death of the insured within the specified term of insurance, or whether he can recover only the amount of the cash surrender value of the policy, as for the optional benefit chosen by the insured just before his death, and payable to him on November 16, 1916, if he was living on that date.
The policy is in the form of what is known as tontine insurance, and by its express terms the death benefits here claimed are payable only if…
2Cited by9 opinions
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