Stevens v. Industrial Life & Health Insurance

1. “The beneficiary in a certificate issued b'y a mutual benefit association upon the life of one of its members is a mere volunteer beneficiary, who has no vested interest therein prior to the death of the member. In such certificate the beneficiary has only an expectancy, and not a vested interest, so as to prevent the member from substituting another beneficiary. The member may change the beneficiary without other limitations or restrictions than such as are imposed by statute, the articles of incorporation, the by-laws or the cer*382tifieates of the association; and can at any time change the…