Insurance—Endowment Policy Disbursement—Testamentary or Contractual

S, owner of a fully paid endowment life policy, elected Option 1 as a method of settlement. This gave him a lifetime access to the principal sum and interest, the right to name distributees for the residue, if any, at his death, but withheld the right to change the distributees once named. P, executor of S's estate, claims the residue from D, the insurer, contending the Option 1 agreement to be in violation of the Statute of Wills. The trial court found for D. On appeal, Held: Affirmed.

Toulouse v. New York Life Insurance Co., 40 Wn. 2d 538, 245 P. 2d 205 (1952).