Mary E. Whitehead, Respondents v. the New York Life Insurance Company, Appellant

Summary

The New York Court of Appeals reversed the lower court's judgment and remanded for a new trial, holding that the wife and children possessed a vested ownership interest in the life‑insurance policies at issuance, that the husband's surrender without their assent was unauthorized, that the forfeiture of policy A was not waived by surrender, and that the insurer was liable for the full sum insured less unpaid premiums and interest on the remaining policies.