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Last Class Summary

Learn about insurable interests, discrimination regulations, and the importance of materiality in insurance law. Explore case studies and key concepts.

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Last Class Summary

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  1. Last Class Summary • Insurable Interest • Look to statute to define insurable interests • You can make anyone you want your beneficiary • Must have insurable interest if you take out a life insurance policy on someone • Partners • Blood • Majority rule includes siblings (Noah) • Dependents

  2. Last Class Continued • Actual Cash Value • Three tests • market value • replacement cost less depreciation • the "broad evidence" rule.  • Application in Elberton Bathing • Ambassador Insurance

  3. Regulation of Insurance • Note 1: state or federal regulation • Note 2: gender discrimination • Note 3: racial discrimination • Redlining • Note 4 and Note 5: Other discrimination • Sexual orientation • Genetic

  4. Vlastos • Warranty or misrepresentation? • Why does it matter? Materiality • Why do we care if it is a janitor?

  5. Why Do We Need this Guy?

  6. Vlastos • Warranty or misrepresentation? • Why does it matter? Materiality • Why do we care if it is a janitor? • Owner occupied (Note 3) • When in doubt, warranty or misrepresentation? • Promissory v. affirmative warranties • How do we define ambiguity? • How does the court actually rule?

  7. Berger • Did he remember he had diabetes? • Where do we go to find out what a misrepresentation or breach of warranty means? • First step is always look for a statute • What did your find? • Misrepresentation • Material to hazard • Material to insurance agreement • Diabetes did not contribute

  8. Berger Continued • Plaintiff’s Argument • Ignore statute • Always a loser • Materiality must be cause of death • Court says materiality is measured at time of agreement • Court says what would a prudent insurer do. Three possible tests • Objective • Subjective • Hybrid

  9. Mutual Benefit • What is a key man? • Underscoring material

  10. Waxse and Notes • HIV/AIDS • Blood disorder • Are you healthy? • Moral of the story: don’t ask for opinions • Note 2: legal fraud • Inducements • Duty to volunteer (note 6) and supply additional information (continuing duty) • Misrepresentation of age

  11. Huge Insurance Law News • There will be NO CLASS NEXT WEEK!

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