Law Commons^™

Law Triangle: Arbitrating International Reinsurance Disputes, J. L. Murphy

Vanderbilt Journal of Transnational Law

The McCarran-Ferguson Act was enacted to preserve the longstanding prerogative of the States to regulate the insurance industry. States have acted in accordance with this statute to declare arbitration agreements in insurance contracts invalid. However, the Senate has since ratified the New York Convention and appended implementing legislation to the Federal Arbitration Act that obligates domestic courts to recognize arbitration agreements in all international contracts. In an odd convergence of authority, a functional conflict arises between these three bodies of law: the federal law says that state law controls in this area, even over other federal law that might incidentally …

Insurance In The People's Republic Of China: Laws And Practice, Henry R. Zheng

Vanderbilt Journal of Transnational Law

The insurance industry in the People's Republic of China (PRC) has expanded rapidly during the past several years. Since the end of 1979 when domestic insurance was reestablished, the income generated from insurance business has been increasing at a rate of over forty-four percent annually.' By early 1987, over 500,000 enterprises and business entities utilized property insurance and about 34 million people purchased personal insurance; during the first half of 1986 the total insurance earnings from the People's Insurance Company of China alone reached a record high of over 2.33 billion yuan. In the meantime, the insurance business has become …

Policy Issues In Primary Industries, Zuhayr Mikdashi

Vanderbilt Journal of Transnational Law

Business and government have espoused a variety of policies to exploit market forces to their advantage. This article explores the policies involved with important issues affecting relationships among protagonists in primary industries and offers some suggestions. The first section deals with "freeing" the supply of key information not normally accessible to less developed countries(LDC's). Sections two and three relate to two aspects of international trade: easing hardships resulting from interruptions in re-source flows; and redistributing gain from resource industries among trading countries. The final two sections of the article deal with development financing, and with the accommodation of foreign investments …

Insurance Coverage Against Explosion Damage, William C. Brewer Jr.

Vanderbilt Law Review

Astronomers tell us that the world began with an explosion, and common sense tells us that it may end with one. Today, the explosion is the symbol of the corruption of knowledge. It has always suggested the devastation of property and the tragedy of death, reminding us that man is never in full control of the forces he has loosed for his material benefit. When accidental explosion became frequent enough for consideration by actuaries, it became a natural subject for insurance. It is proposed here to survey the contractual provisions under which explosion may be insured, and to examine briefly …

Insurance -- 1960 Tennessee Survey, William R. Andersen

Vanderbilt Law Review

One of the most delicate problems in insurance underwriting is that of describing the events whose occurrence is the primary condition of the insurer's obligation to pay. Several interesting cases were decided during the survey period involving disputes over whether or not an insured event had occurred.

Insurance -- 1957 Tennessee Survey, Robert W. Sturdivant

Vanderbilt Law Review

The case of Lee v. Occidental Life Ins. Co.' is one of first impression in this state, and considers the effect of a change in the by-laws and constitution of a labor union--with a corresponding change in coverage under a group insurance policy issued to the union--on the rights of an insured member of the union.

Life, Health and Accident Insurance In Alvis v. Mutual Benefit Health and Acc. Ass'n, the Supreme Court construed certain provisions of a ten-year annual increasing policy issued to the plaintiff's intestate by defendant insuror.

Insurance -- 1956 Tennessee Survey, Robert W. Sturdivant

Vanderbilt Law Review

In Pennsylvania, etc. Ins. Co. v. Homer,' it appeared that Homer had struck a parked vehicle but failed to stop. His identity was later established and he signed a statement admitting that the accident was his fault and assuming all responsibility in connection therewith, including damage to the vehicle and hospital and medical treatment to any person suffering injuries as a result of the accident. It was not until five months after the collision that Homer's insuror received any notice of the accident. The insuror thereupon filed this action in the chancery court for declaratory judgment to determine its rights …

Rights Of Creditors In Insurance -- The Tennessee Exemption Statutes, Paul J. Hartman

Vanderbilt Law Review

The subject of the availability of assets to creditors is important when a trustee in bankruptcy as a representative of creditors is seeking to gather assets to pay off creditors; and the subject is of equal importance where a single creditor, not in a bankruptcy proceeding, is seeking to satisfy his claim out of the assets of his debtor. Whatever is property in the hands of the debtor is available to his creditors, unless it is exempt by law. This property is his estate, considered indifferently from the standpoint of the single creditor who seeks to realize for himself alone, …

Life Insurance, The Forbidden Fruit, William J. Rowe

Vanderbilt Law Review

Until recently life insurance has represented the most impenetrable stronghold of the professional tax avoider and his advisors. As a vehicle for the transmission of wealth to future generations with minimum tax levies, it stood unrivaled. During a policyholder's life the value of his policy for gift tax purposes was and is measured by replacement cost.' Under applicable regulations during the thirties, when insurance was transferred by way of inter vivos gift the tremendous increase in value of the policy that came with death escaped gift tax, income tax, and estate tax. But since 1941 the situation has been reversed …

A Planner's Primer, William M. Reynolds

Vanderbilt Law Review

Anyone undertaking an assignment to write within a few pages under this comprehensive title must limit his coverage. This general article on a subject as intangible as estate planning omits entirely or gives short treatment to many considerations which may be of great importance to the conscientious planning of relatively complicated estate situations., Emphasis will be placed on the tax aspects of estate planning, particularly federal taxes, but consideration will be given to other aspects which may be of equal or even greater importance. This deliberate emphasis is certainly not intended to add to the misleading impression, too frequently held, …