United States:
Life Insurance Is No Longer A Box Of Chocolates: Life Settlement Investors Will Know Exactly What They Get
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Earlier this month, the U.S. Court of Appeals for the Eighth
Circuit handed down a
groundbreaking decision in one of the cases on our
2015 watch list. Overruling a Minnesota District Court
decision, the Court of Appeals held that when a person purchases
insurance on his own life, the policy is valid regardless of an
intent to later transfer the policy. The Eighth Circuit also held
that any challenges to a policy based on insurable interest must be
made within the state's two-year contestability
period. Orrick represented the appellants in the successful
appeal of a lower court decision. The reversal of the lower
court ruling is a major win for life settlement policy investors,
as it significantly limits insurers' ability to challenge the
validity of life insurance policies sold on the secondary market.
See our
client alert for a more detailed discussion of the
decision.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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