Reilly v. Penn Mutual Life Insurance

The admitted facts are that Paul V. Reilly owned fifty shares of the capital stock of the J. W. Turner Improvement Company, Incorporated, and in 1906 became a director and the secretary thereof. The corporation was engaged in the business of general contracting for' the construction of public works, such as sewers, paving, etc. It had a capital stock of #15,000, owned almost entirely by Reilly and J. W. Turner. On March 5, 1910, Reilly made application to the Penn Mutual Life Insurance Company for two policies upon his life for $5,000 each. . The application was accepted by the company, and…