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Last Class Summary

Last Class Summary. Insurable Interest Look to statute to define insurable interests You can make anyone you want your beneficiary Must have insurable interest if you take out a life insurance policy on someone Partners Blood Majority rule includes siblings ( Noah ) Dependents.

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Last Class Summary

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  1. Last Class Summary • Insurable Interest • Look to statute to define insurable interests • You can make anyone you want your beneficiary • Must have insurable interest if you take out a life insurance policy on someone • Partners • Blood • Majority rule includes siblings (Noah) • Dependents

  2. Last Class Continued • Actual Cash Value • Three tests • market value • replacement cost less depreciation • the "broad evidence" rule.  • Application in Elberton Bathing • Ambassador Insurance

  3. Regulation of Insurance • Note 1: state or federal regulation • Note 2: gender discrimination • Note 3: racial discrimination • Redlining • Note 4 and Note 5: Other discrimination • Sexual orientation • Genetic

  4. Vlastos • Warranty or misrepresentation? • Why does it matter? Materiality • Why do we care if it is a janitor?

  5. Why Do We Need this Guy?

  6. Vlastos • Warranty or misrepresentation? • Why does it matter? Materiality • Why do we care if it is a janitor? • Owner occupied (Note 3) • When in doubt, warranty or misrepresentation? • Promissory v. affirmative warranties • How do we define ambiguity? • How does the court actually rule?

  7. Berger • Did he remember he had diabetes? • Where do we go to find out what a misrepresentation or breach of warranty means? • First step is always look for a statute • What did your find? • Misrepresentation • Material to hazard • Material to insurance agreement • Diabetes did not contribute

  8. Berger Continued • Plaintiff’s Argument • Ignore statute • Always a loser • Materiality must be cause of death • Court says materiality is measured at time of agreement • Court says what would a prudent insurer do. Three possible tests • Objective • Subjective • Hybrid

  9. Mutual Benefit • What is a key man? • Underscoring material

  10. Waxse and Notes • HIV/AIDS • Blood disorder • Are you healthy? • Moral of the story: don’t ask for opinions • Note 2: legal fraud • Inducements • Duty to volunteer (note 6) and supply additional information (continuing duty) • Misrepresentation of age

  11. Huge Insurance Law News • There will be NO CLASS NEXT WEEK!

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