Moulor v. American Life Insurance Company was a United States Supreme Court case that addressed the issue of whether a life insurance policy could be assigned to a third party. The case involved a policy issued by the American Life Insurance Company to a man named Moulor. Moulor had assigned the policy to a third party, but the insurance company refused to recognize the assignment. The Supreme Court held that the assignment was valid and that the insurance company was obligated to recognize it. The Court reasoned that the policy was a contract between the insured and the insurance company, and that the insured had the right to assign the policy to a third party. The Court also noted that the assignment did not alter the terms of the policy or the rights of the insurance company. The Court concluded that the assignment was valid and that the insurance company was obligated to recognize it.

Justice Field delivered the dissenting opinion in Moulor v. American Life Insurance Company, arguing that the majority had misapplied existing law and failed to consider certain facts of the case. He argued that under California law, a contract between an insurance company and its policyholder was not subject to cancellation by either party without cause or notice. The court had held that this provision did not apply because it was part of a rider attached to the policy after it was issued; however, Justice Field noted that while riders were typically added at renewal time, there is no evidence in this case indicating when or why such a rider would have been added. Furthermore, he pointed out that even if such a rider existed prior to issuance of the policy as suggested by counsel for American Life Insurance Company (ALIC), ALIC still could not cancel unilaterally since they never gave any notice nor provided any cause for their action. In conclusion, Justice Field argued that based on these facts and applicable state laws governing contracts with insurance companies like ALIC should be upheld regardless of whether or not there was an additional clause included in the original agreement between them and Moulor's estate.