Oregon Mutual Life Insurance v. James

Oregon Mutual Life Insurance Company on April 15, 1927, issued to Joseph Henry Fahey a fifteen-year endowment policy in the sum of $3,500, payable to him April 8, 1942, or to his wife, Maude E. Fahey, upon his death prior to that date.

The policy provided that, “It is understood and agreed that the insured may obtain every benefit, exercise every right, and enjoy every privilege conferred upon said insured by this policy without the consent of any beneficiary.” One of the rights reserved to the insured was that of changing the beneficiary. He was granted the further right of surrendering the…