A Lesson For Insurance Cos.: Be (Due) Diligent

Law360, New York (April 30, 2012, 1:40 PM EDT) -- The U.S. Eleventh Circuit Court of Appeals recently rebuffed the effort of PHL Variable Insurance Co. to retain $484,000 in life insurance premium payments made with respect to a life insurance policy that it had been able to rescind based on fraudulent misrepresentations of the insured contained in the policy’s application. PHL Variable Life Insurance Co. v. The Faye Keith Jolly Irrevocable Life Insurance Trust, et al.

PHL sued the insured and the trust one day before the policy’s contestability period expired on the basis of...
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