Males v. New York Life Insurance

In 1936 and 1937 the defendant New York Life Insurance Company (hereinafter New York Life) issued two whole life insurance policies insuring the life of the plaintiff. The plaintiffs wife, Florence Males, was listed as the beneficiary on the first policy, while the plaintiffs estate was listed as the beneficiary of the second policy. In 1942 the plaintiff executed a trust agreement by which New York Life was appointed trustee to receive the proceeds of both insurance policies and to pay them in installments to the plaintiffs wife as beneficiary of the trust. The trust agreement provided that…