Ex parte Hirsch's Committee
| Decision Date | 30 September 1932 |
| Citation | 53 S.W.2d 211,245 Ky. 132 |
| Parties | Ex parte HIRSCH'S COMMITTEE. |
| Court | Kentucky Court of Appeals |
Ex parte petition by the Lincoln Bank & Trust Company, as committee of Leon Hirsch, and Hirsch Bros. & Co., as beneficiary, for a declaratory judgment determining rights of respective petitioners to benefits under a disability clause in the life policy issued by the Prudential Insurance Company of America on the life of the incompetent. From a judgment that Hirsch Bros. & Co. was entitled to the proceeds due under the disability clause, the committee appeals.
Reversed with directions.
Burwell K. Marshall, Jr., of Louisville, for appellant.
Selligman Selligman & Goldsmith, of Louisville, for appellee.
For a number of years Hirsch Bros. & Co. has been a corporation conducting a successful mercantile business in the city of Louisville. Leon Hirsch and his brothers owned the great bulk of the stock in the corporation, and he was its vice president and general manager, and also one of the moving spirits in prosecuting its business. The corporation on October 9, 1917, procured a policy on his life in the Prudential Insurance Company of America, wherein it was named the beneficiary, and the insurer agreed to pay to it upon the death of Leon Hirsch the sum of $10,000. The policy also contained a promise of indemnity against a disability contingency in addition to the death of the insured, Leon Hirsch, and which provision was and is in these words "If the Insured, after the first premium on this Policy has been paid, shall furnish due proof to the Company, while this Policy is in full force and effect and while there is no default in the payment of premiums, that he, at any time after payment of such first premium, from any cause whatsoever shall have become permanently disabled or physically or mentally incapacitated to such an extent that he by reason of such disability or incapacity is rendered wholly and permanently unable to engage in any occupation or perform any work for any kind of compensation of financial value, the Company upon receipt of such proof will waive the payment of each premium that may become payable thereafter under this Policy during such disability.
"If such disability shall occur before the Insured is sixty years of age the Company will, in addition to such waiver, during such disability, pay to the Insured the amount insured, less any indebtedness, in one hundred and twenty monthly instalments during ten years, each instalment of the amount of $9.74 per $1,000 of insurance payable; the first instalment to become payable six months after the Company shall have received such proof and subsequent instalments monthly thereafter. In lieu of monthly instalments the Insured shall have the privilege of receiving the said amount in annual, semiannual, or quarterly instalments payable during ten years, each instalment of the amount, respectively, of $116.18, $58.25 or $29.16, per $1,000 of insurance payable, the first instalment to be payable at the same time as provided for the first monthly instalment. The insured shall not have the right to commute any instalments. Endorsement to the effect that the amount of insurance has become payable as herein specified shall be made on the Policy by the Company before the first instalment shall become payable.
The total amount of insurance under this Policy at any time after one or more of such instalments have been paid shall not exceed the commuted value of the unpaid instalments, and loan and non-forfeiture values correspondingly modified shall be available to the Insured irrespective of said waiver of premiums. Any indebtedness incurred on account of the Policy during the instalment period shall be deducted from the commuted value of the unpaid instalments at that time and the amount of each of such unpaid instalments shall be correspondingly reduced.
If such disability shall occur after the Insured is sixty years of age the amount of insurance hereunder shall, by endorsement hereon by the Company, be reduced by the amount of each premium so waived, and any loans and non-forfeiture values shall thereafter be based upon the amount of insurance thus reduced.
The Insured, upon demand by the Company at any time during such disability and before the Company's liability hereunder has ceased, shall furnish due proof that he actually continues in a state of disability, as defined above, and in case of his failure so to do the Insured shall be deemed to have recovered from such state of disability.
In the event that the Insured recovers from such state of disability before the Company's liability under the Policy has been fully discharged, as...
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