National Life Insurance Company v. Irene Solomon and Louis Schuster as Trustee of the S & L Pension trust-r.t.b. Industries, Inc.

In 1973, Herbert Solomon applied for a life insurance policy issued by National Life Insurance Company (hereinafter National). After submitting to the physical examination required by National and after filling out the appropriate application forms, including a statement of medical history, Solomon was insured by National in the amount of $240,792. Named as beneficiary of the policy was Irene Solomon, wife of the insured. Appellant Louis Schuster was named trustee and legal owner of the policy on Herbert Solomon’s life.

Subsequent to the issuance of this policy, Herbert Solomon died, a victim…