Farmers State Bank v. Kelley

A husband took out a policy of insurance on his life in the Inter-Southern Life Insurance Co., payable to his wife, as “beneficiary by revocable designation,” upon receipt of due proof of the death of the insured. The policy contained the provision that when the right of revocation had been reserved, or in case of death of any beneficiary under either a revocable or irrevocable designation, the insured, if there were no existing assignment of the policy made as therein provided, might, while the policy was in force and subject to the company’s rules governing- the designation of…