Block v. Valley Mutual Insurance
Supreme Court of Arkansas
APPEAL from Cross Circuit Court. J. E. Riddick, Judge. The association is a mutual- benefit society, and the laws governing ordinary life insurance policies do not apply. The distinction is this: In regular insurance the party named as beneficiary takes a vested interest in the policy from date of the contract, and no one except the beneficiary can assign it.
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APPEAL from Cross Circuit Court. J. E. Riddick, Judge. The association is a mutual- benefit society, and the laws governing ordinary life insurance policies do not apply. The distinction is this: In regular insurance the party named as beneficiary takes a vested interest in the policy from date of the contract, and no one except the beneficiary can assign it. Whereas, in a benefit certificate the party to whom the fund is directed to be paid, has no interest or estate in it until the death of the member, and the direction is contingent and testamentary according to the rules of the…
1Opinion of the CourtHemingway, J.
One Charles B. Guthrie obtained a policy of insurance upon his life from the Valley Mutual Insurance-Company. It undertook, upon the conditions therein named,, to pay to Mrs. Martha A. Guthrie, James M. Harvey and Alice Guthrie, $1000 within ninety days after proof of the death of' Charles B. Subsequently Charles B. and Mrs. Martha A. Guthrie assigned the policy to the plaintiffs, who thereafter-paid all dues and premiums as they matured, according to its terms. Upon the death of the said Charles B. the plaintiffs.. claimed the amount due upon the policy by virtue of the • assignment, and the…
2Cases cited4 opinions
- Farmer v. StateTexas Supreme Court · 1888
- People Ex Rel. Blossom v. NelsonNew York Court of Appeals · 1871
- State ex rel. Graham v. MillerSupreme Court of Iowa · 1885
- Cline v. CrumpIndiana Supreme Court · 1858
3Cited by15 opinions
- Sovereign Camp Woodmen of the World v. NewsomSupreme Court of Arkansas · 1920
- Franklin Life Insurance v. GalliganSupreme Court of Arkansas · 1903
- Modern Woodmen of America v. HeadleSupreme Court of Vermont · 1914
- Johnson v. New York Life InsuranceSupreme Court of Colorado · 1914
- American Insurance v. HaynieSupreme Court of Arkansas · 1909
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