Insurer Can't Rescind $20M Life Policy: Calif. Court

Law360, New York (May 18, 2011, 7:21 PM EDT) -- A California appeals court on Tuesday reversed a ruling that allowed Lincoln Life & Annuity Co. of New York to rescind $20 million in life insurance coverage, holding the insurer must honor two policies that were sold for the benefit of third-party investors. 

The lower court's decision, which rejected the legitimacy of the so-called stranger-originated life insurance policies, had been widely cited by insurance companies facing rescission suits, and its reversal would be closely watched, according to Steven Sklaver of Susman Godfrey LLP, who represented the...
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