Void Insurance Buyers May Seek Premiums, Del. Court Says

By Leslie A. Pappas (May 26, 2022, 7:43 PM EDT) -- Unwitting second-hand buyers of life insurance schemes that allow speculators to take out policies on the life of a stranger and profit if the person dies early may recover premiums if they can prove they are legally entitled to them, the Delaware Supreme Court said Thursday.

However, downstream purchasers of such policies may not claim to be a "bona fide purchaser" or a "securities intermediary" under Delaware law, the court ruled.

The decision allows Berkshire Hathaway Life Insurance Co. to seek premiums and move forward in its appeal of a court decision in Florida that it owes $4 million in life insurance...

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