A First For Insurance Law In Del.: Applying Dawe

Law360, New York (July 25, 2012, 1:09 PM EDT) -- The federal court in Delaware recently issued the first decision applying the insurable interest standards articulated by the Delaware Supreme Court last year in the context of a life insurance policy purchased with borrowed funds. See Principal Life Ins. Co. v. Lawrence Rucker 2007 Ins. Trust, No. 08-cv-00488 (Rucker II). Rucker II is favorable to the secondary market for life insurance in general, and premium finance in particular.

In Rucker II, the court reversed its own prior summary judgment ruling, and held that an insured’s use...
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