Allen v. United of Omaha Life Insurance Co.

OPINION

ANNE GARDNER, Justice.

This is a dispute over the proceeds of a key man life insurance policy. The principal question before us is this: When a policy’s named beneficiary merges with another entity, and the other entity is the “surviving company,” are the policy proceeds payable to the surviving company? We answer in the affirmative, and we affirm the trial court’s judgment.

I. Background

Appellant Judy Allen is the widow of Marvin Fred Allen, and Appellants Michael Allen and Cory Allen are his sons. In 2001, Fred was the CEO of Credit-Watch Services, L.P. and the president of CreditWatch…