Insurers Can Contest 'Wager' Life Policies: Del. Court

Law360, New York (September 26, 2011, 5:42 PM EDT) -- Insurers can contest life insurance policies if they suspect they represent illegal wagers on a stranger's life funded by outside investors, even if the policies include noncontestability provisions, the Delaware Supreme Court ruled in an opinion filed in two federal cases on Friday.

The federal court in Delaware asked the state's top court to weigh in on Delaware's insurance law in two cases brought by insurers seeking to invalidate life insurance policies that allegedly paid out to speculating investors rather than relatives or traditional beneficiaries of...
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