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Full-Text Articles in Insurance Law
Trial And Settlement: A Study Of High-Low Agreements, J. J. Prescott, Kathryn E. Spier, Albert Yoon
Trial And Settlement: A Study Of High-Low Agreements, J. J. Prescott, Kathryn E. Spier, Albert Yoon
Articles
This article presents the first systematic theoretical and empirical study of highlow agreements in civil litigation. A high-low agreement is a private contract that, if signed by litigants before trial, constrains any plaintiff’s recovery to a specified range. In our theoretical model, trial is both costly and risky. When litigants have divergent subjective beliefs and are mutually optimistic about their trial prospects, cases may fail to settle. In these cases, high-low agreements can be in litigants’ mutual interest because they limit the risk of outlier awards while still allowing mutually beneficial speculation. Using claims data from a national insurance company, …
Insurance Law - Recovery - Action For Wrongful Refusal To Settle Claim Precluded By Bankruptcy Of Insured, James A. Mcdermott
Insurance Law - Recovery - Action For Wrongful Refusal To Settle Claim Precluded By Bankruptcy Of Insured, James A. Mcdermott
Michigan Law Review
The plaintiff, as trustee in bankruptcy of the insured, sued the defendant insurer to recover damages resulting from a judgment entered against the insured in a personal injury suit. This judgment subjected the insured to a liability of 89,000 dollars in excess of the 10,000 dollar automobile liability_ coverage carried with the insurer. The insurer, pursuant to its policy, had undertaken the insured's defense and had failed, allegedly in bad faith, to settle the suit for an amount within the limits of its coverage. Before judgment was entered in the personal injury suit the insured was insolvent; six months following …
Insurance - Recovery - Extent Under Interest Limitation Clause Of The Standard Fire Insurance Policy, Roger W. Kapp
Insurance - Recovery - Extent Under Interest Limitation Clause Of The Standard Fire Insurance Policy, Roger W. Kapp
Michigan Law Review
Plaintiff leased vacant land and erected a building thereon. At the election of the lessor the lease could be terminated upon thirty days' notice, plaintiff having the right to remove the building. Defendant issued to plaintiff a policy insuring the building against loss by fire to the extent of the cash value of the property at the time of loss, but not exceeding the repair or replacement cost, "nor in any event for more than the interest of the insured." The building was destroyed by fire and plaintiff sued to recover the full amount of the insurance. The trial court …
Insurance - Settlement - Extent Of Insurer's Liability For Wrongful Refusal To Settle When Subsequent Judgment Exceeds Policy Limits, Michael B. Lewiston
Insurance - Settlement - Extent Of Insurer's Liability For Wrongful Refusal To Settle When Subsequent Judgment Exceeds Policy Limits, Michael B. Lewiston
Michigan Law Review
The insured, while driving a borrowed truck, injured plaintiff and his wife. Defendant, insurer on a policy which contained liability limits of $10,000 per person and $20,000 per accident, was notified of the accident but refused to defend the subsequent suit against the insured on the ground that plaintiff's claim was not covered by the policy. Defendant refused an offer to settle the claim for $4,000 solely on the basis of its belief as to coverage, though it was aware that the insured was financially unable to effect his own settlement. A judgment of $25,000 for a plaintiff and $1,250 …
Insurance - Recovery - Land Contract Purchaser Allowed Recovery On Both Vendee's And Vendor's Policies In Excess Of Loss, Jerome K. Walsh, Jr.
Insurance - Recovery - Land Contract Purchaser Allowed Recovery On Both Vendee's And Vendor's Policies In Excess Of Loss, Jerome K. Walsh, Jr.
Michigan Law Review
An owner of realty entered into a contract to sell the land to the plaintiff. The vendor then took out fire insurance on his interest in the amount of $6,000 and the plaintiff obtained a policy covering his interest in the sum of $12,000, with a "three-fourths value" clause. Before performance of the contract and transfer of title, a fire occurred which caused $12,000 damage to the property. After the plaintiff paid the full contract price and took title to the property, he demanded and received an assignment of the claim under the vendor's policy. Plaintiff then brought suit on …
Insurance-Interpretation Of "Accidental Means" In Double Indemnity Clause, David W. Rowlinson S.Ed.
Insurance-Interpretation Of "Accidental Means" In Double Indemnity Clause, David W. Rowlinson S.Ed.
Michigan Law Review
Insured engaged in a game called "Russian Roulette" in which he removed all but one cartridge from the cylinder of a revolver, spun the cylinder, placed the revolver to his head without ascertaining the position of the cartridge, and pulled the trigger. The revolver fired, killing the insured. The beneficiary of a life insurance policy on his life brought the present action to recover under a provision providing double indemnity for death effected solely through external, violent, and accidental means. The trial court directed a verdict for the insurance company. On appeal, held, affirmed. Such reckless abandon and exposure …
Evidence -Witnesses - Privileged Communications Between Physician And Patient--Statutory Effect Of Asserting Privilege In Actions On Insurance Contracts, William H. Buchanan S.Ed.
Evidence -Witnesses - Privileged Communications Between Physician And Patient--Statutory Effect Of Asserting Privilege In Actions On Insurance Contracts, William H. Buchanan S.Ed.
Michigan Law Review
Plaintiff, beneficiary of an insurance policy (but not the personal representative of the deceased insured), sued to recover the amount of the policy from the insurance company. As a defense the defendant claimed that the policy never became effective because the insured had made material misrepresentations in the application as to his state of health. To show that there had been such misrepresentations, the defendant proved that the insured had been treated by physicians during the five years preceding the issuance of the policy. Upon objectionμ by plaintiff the court excluded the testimony of the doctors as to the nature …
Insurance - Legal Execution Of Insured As A Defense, G. Randall Price
Insurance - Legal Execution Of Insured As A Defense, G. Randall Price
Michigan Law Review
Insured was convicted of murder and legally executed by the state. Plaintiff is the beneficiary of his life insurance policy. Held, no recovery on the ground that the risk of legal execution was impliedly excepted in the policy as a matter of law. Southern Life & Health Ins. Co. v. Whitfield, (Ala. 1939) 190 So. 276.