Indianapolis Life Ins. Co. v. Powell

BOND, Justice. -

On May 11, 1931, the appellant, Indianapolis Life Insurance Company, issued to Victor H. Powell two policies of life insurance, one in the sum of $1,500 and the other in the sum of $1,000. The policies were' made payable, on proof of death, to his wife, Billie Powell. The pertinent provisions of the policies, material here, are:

“Beginning not later than the end of the second Policy year, and annually thereafter, this Policy, while in force, will be credited with a dividend from the surplus as apportioned by the Board of Directors of the Company. Unless the Insured shall elect…