Mutual Ben. Life Ins. Co. v. Ellis

AUGUSTUS N. HAND, Circuit Judge.

On June 20, 1924, the Mutual Benefit Life Insurance Company issued four policies of life insurance, each in similar form except as to amount, upon the life of Charles E. Addie. Three were for $1,000, and one was for $2,000. The policies aggregating $'5,000 were all payable to Maude F. Addie, the wife of the insured, and set forth certain options that the insured could exercise at any time during the life of the policies and extended the options to the beneficiary by a clause in each policy that: “At the maturity of this policy, the company, unless otherwise…