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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