Ætna Life Insurance v. Evans

1. Where a term-insurance policy issued on the life of a person is made payable to a creditor of the insured by an assignment thereof, and on application of the creditor, with the *337consent of the insured, it is converted into an ordinary life policy under. which the creditor is made the absolute life owner, and which provides that “during the life of the insured the right to receive all cash values, loans, and other benefits accruing hereunder, to exercise all options and privileges described herein, and to agree with the company to any change in or amendment to this policy shall vest alone in…