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FIDELITY-PHILA. TR. CO. v. BANKERS L. INS. CO.

370 Pa. 513 (1952)

Fidelity-Philadelphia Trust Company, Appellant, v. Bankers Life Insurance Company of Nebraska.

Supreme Court of Pennsylvania.

May 26, 1952.

Attorney(s) appearing for the Case

Daniel Mungall, Jr., with him Stradley, Ronon, Stevens & Young, for appellant.

James J. O'Brien, with him Hubert P. Earle, and Fox, Rothschild, O'Brien & Frankel, for appellees.

Before DREW, C.J., STEARNE, JONES, BELL, CHIDSEY and MUSMANNO, JJ.

OPINION BY MR. JUSTICE MUSMANNO, May 26, 1952:

On April 30, 1948, Thomas McKean, aged 39, purchased for his son Radford McKean, aged 4, an "automatic estate builder" insurance policy providing for the payment of $20,000 to the named beneficiary if the insured (the son) died before reaching the age of 21. All rights in the policy vested in the insured when he reached the age of 21, at which time the ultimate face value of the policy upon payment of the same premiums...

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