Prudential Insurance Co. of America v. Markowitz

On August 9, 1937, The Prudential Insurance Company of America (hereafter referred to as the “ Company ”) issued a policy of life insurance on the life of one Sophia Markowitz in the sum of $5,000, containing in substance the following beneficiary provisions:

1. The proceeds of the policy to be held by the Company and a guaranteed interest thereon paid to Mordecai Markowitz during his lifetime and after ten years the proceeds to be “ subject to withdrawal by said beneficiary only to the extent that he may in each year * * * make a single withdrawal of $250 from the amount so held.”

2. At the…