Cook

Plaintiffs as executors of the estate of Ruth E. Cook commenced two separate actions against The Penn Mutual Life Insurance Company to compel payment of certain sums they claimed were owing to them under the terms of two life insurance policies. The actions were consolidated for trial and the trial court found in favor of plaintiffs in each case and entered judgments from which defendant appeals.

The record shows that William Coburn Cook was insured by appellant under two insurance policies in which his wife, Ruth E. Cook, was named as payee. Since the policies are substantially identical, we will treat them as one policy. The policy provided that on the insured’s death the payee could elect to receive monthly payments pursuant to any one of several options in lieu of a lump sum settlement. “Option C” of the policy provided that the proceeds could he made payable as “An income for ten years certain and thereafter during the life of the Payee, terminating, after the certain period, with the last payment preceding death.” The amount of monthly income would be determined from tables set out elsewhere in the policy.

To provide for disposition of the payee’s interest in the event of…