Court Finds that Ownership is indeed 9/10th of the Law in Rescission Case

PHL Variable Ins. Co. v. P. Bowie 2008 Irrevocable Trust
(1st Cir. (R.I.) May 13, 2013)
The First Circuit recently held that an insurer may retain life insurance premiums following a policy rescission to offset the loss it has suffered. The ruling is notable because courts typically require an insurer to refund an insured’s policy premium where a rescission is effected.

In PHL, an insurance broker submitted an application for life insurance for Peter Bowie. Bowie’s application represented that he was a self-employed …

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