Jefferson Standard Life Insurance v. Rankin

1. A contract -of life-insurance, in so far as it obligates ' the insurer to pay an indemnity upon the death of the insured, does not become a debt until after his death, and therefore is not collectible in the right of the insured; but where under the terms of the policy it is made payable to the executors and administrators of the insured, it is a debt not due to the deceased insured, but to his executors and administrators in their representative capacity, and constitutes an asset of the estate, and is collectible by them in their right as the representatives of the estate, for the purpose…