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Articles 1 - 10 of 10
Full-Text Articles in Insurance Law
Federal Taxation - Transferee Liability Of Insurance Beneficiary, John Gelder S.Ed.
Federal Taxation - Transferee Liability Of Insurance Beneficiary, John Gelder S.Ed.
Michigan Law Review
Nearly six years after taxpayer died income tax deficiencies were determined against his estate. Since his estate was insolvent the Commissioner sought to impose transferee liability under section 311 of the 1939 code (now I.R.C. section 6901) on plaintiff, taxpayer's widow, as beneficiary of" her husband's life insurance. The Tax Court, applying federal law, held plaintiff liable for the entire deficiency since the proceeds received by her exceeded that amount. The court of appeals, applying state law, reversed and ruled that the beneficiary was not a "transferee" within the meaning of section 311 even to the extent of the cash …
Insurance - Federal Regulation - Authority Of Federal Trade Commission To Regulate False Advertising By Insurance Companies As Affected By The Mccarran-Ferguson Act, Charles C. Moore S.Ed.
Insurance - Federal Regulation - Authority Of Federal Trade Commission To Regulate False Advertising By Insurance Companies As Affected By The Mccarran-Ferguson Act, Charles C. Moore S.Ed.
Michigan Law Review
Petitioner, the FTC, issued cease and desist orders prohibiting respondent health and accident insurance companies, doing business in interstate commerce, from disseminating allegedly false and deceptive advertising through the medium of local agents. These orders, issued pursuant to the FTC act, sought to proscribe such activity both in states that had statutes prohibiting unfair and deceptive practices and in states that did not. The Courts of Appeals for the Fifth and Sixth Circuits concluded that the FTC had no authority to regulate such advertising in states which had prohibitory legislation. On certiorari to the United States Supreme Court, held, …
Personal Property - Gifts - Delivery To Third Party, Thomas A. Dieterich S.Ed.
Personal Property - Gifts - Delivery To Third Party, Thomas A. Dieterich S.Ed.
Michigan Law Review
A husband changed the beneficiary of his life insurance policy from his wife to his mother during a temporary separation and failed to restore his wife as beneficiary after reconciliation. Subsequent to his death the mother, in the presence· of the wife, signed a memorandum "waiving" her policy rights "to" the wife and handed the writing to the insurer's district manager. Before payment of the proceeds the mother discovered that the wife was the beneficiary of another policy and attempted to revoke the memorandum. In insurer's interpleader action, a gift to the wife was recognized. On appeal, held, affirmed. …
Taxation - Federal Estate Tax - Insurance And Annuity Combinations, John B. Schwemm S.Ed.
Taxation - Federal Estate Tax - Insurance And Annuity Combinations, John B. Schwemm S.Ed.
Michigan Law Review
Decedent, aged seventy-six, invested in three single premium life insurance policies. Issuance of each was conditioned on the purchase of a single life, nonrefundable annuity of specified value, and no physical examination was required. Each combination was balanced so that the total premium, exclusive of loading charges, equalled the face value of the insurance. The resulting correlation between compound interest and annuity disbursements made the guaranteed payments to the annuitant correspond precisely with the expected income of a reinvestment of the entire deposit by the insurer. Decedent retained the annuity rights, but all present and future interests in the life …
Liability Insurance - Cooperation Clause - Failure Of Cooperation Absent A Finding Of Prejudice, Edward B. Stulberg S.Ed.
Liability Insurance - Cooperation Clause - Failure Of Cooperation Absent A Finding Of Prejudice, Edward B. Stulberg S.Ed.
Michigan Law Review
Plaintiff insurance company sought a declaratory judgment absolving it from obligation on an automobile liability insurance policy on the ground that there had been a breach of the cooperation clause. Johnston, the insured, was the driver of a car involved in an accident in Crawford County, Kansas, giving rise to substantial claims by defendant Elliott. At the request of Elliott's attorney, Johnston traveled from his home in Kansas to submit to service of process in Missouri. When plaintiff questioned this behavior, Johnston lied, denying that collusion had prompted his appearance in Missouri. On appeal from summary judgment for plaintiff company, …
Civil Procedure - Pre-Trial Discovery - Disclosure Of Amount Of Defendant's Liability Insurance, David L. Genger
Civil Procedure - Pre-Trial Discovery - Disclosure Of Amount Of Defendant's Liability Insurance, David L. Genger
Michigan Law Review
In an action arising out of a highway collision, plaintiff sought disclosure of the amount of defendant's liability insurance in a pre-trial discovery proceeding. The defendant was adjudged to be in default for his refusal to disclose this information. On a writ of certiorari, held, the order of the trial court is quashed. Only matters which can actually be admitted and used as evidence or matters which might lead to the finding of such evidence are proper subjects of discovery under the Florida rule. The amount of defendant's insurance is not relevant to the litigation since it will accomplish …
Atomic Energy - Indemnity Legislation - Anderson Amendments To The Atomic Energy Act Of 1954, Dudley H. Chapman S.Ed.
Atomic Energy - Indemnity Legislation - Anderson Amendments To The Atomic Energy Act Of 1954, Dudley H. Chapman S.Ed.
Michigan Law Review
The Anderson Amendments were enacted to encourage private industry to enter the atomic energy field by removing the risk of excessive liability for a major nuclear reactor disaster. Such a disaster could result in liability far in excess of available insurance coverage. The solution provided by the new legislation has three aspects: (1) After private financial protection, geared to the amount of available insurance, is obtained by a person licensed by the Atomic Energy Commission, (2) the Commission will execute an agreement to indemnify (not insure) the licensee and "any other person who may be liable for public liability" to …
Insurance - Recovery - Delay Of Insurance Company In Rejecting Application For Insurance, Harry D. Krause S.Ed.
Insurance - Recovery - Delay Of Insurance Company In Rejecting Application For Insurance, Harry D. Krause S.Ed.
Michigan Law Review
Plaintiff, designated as beneficiary by deceased life insurance applicant, sued defendant life insurance company in assumpsit. Deceased, a combat pilot in the Korean War, had applied for one of defendant's policies, passed the medical examination, and made several premium payments on the policy. After the applicant was killed in combat defendant refused payment, contending that it had never accepted the risk but that it had responded to the application with a counter offer containing an aviation waiver. Because of ·the applicant's frequent change of address and his early death this proposal had never been communicated to him. On appeal from …
The Adequacy Of State Insurance Rate Regulation: The Mccarran-Ferguson Act In Historical Perspective, Spencer L. Kimball, Ronald N. Boyce
The Adequacy Of State Insurance Rate Regulation: The Mccarran-Ferguson Act In Historical Perspective, Spencer L. Kimball, Ronald N. Boyce
Michigan Law Review
Any substantial inquiry into the functioning of the insurance commissioner in American society poses the question, at the threshold of the inquiry, whether state regulatory power over the insurance business is likely to continue, or whether insurance will fall increasingly under the aegis of the federal government. This article seeks to ascertain the minimum conditions for the permanent preservation of state regulatory power over the insurance business, and to determine whether they are now satisfied. These conditions may be summarily stated: the Congress of the United States has shown its willingness to apply federal antitrust and marketing legislation to the …
Regulation Of Business - Securities Act Of 1933 - Sec Loses Fight To Regulate Variable Annuity, William J. Wise S.Ed.
Regulation Of Business - Securities Act Of 1933 - Sec Loses Fight To Regulate Variable Annuity, William J. Wise S.Ed.
Michigan Law Review
The defendant, Variable Annuity Life Insurance Company, regulated as a life insurance company by the District of Columbia, issued a contract which it termed an annuity, but which differed from a conventional annuity in certain important respects. Ordinary annuity premiums are invested in debt securities while the premiums paid on the variable annuity are invested in common stocks. Further, instead of benefit payments in fixed dollar amounts, the variable annuity's benefits fluctuate since the value of the fund from which they are paid is affected by changing stock prices and dividend policies. The SEC, claiming these provisions brought the contract …